Archived News
In August 2021 Finfeed changed from a website that covered ASX listed news to a website
that covered a select range of ASX
listed small cap Biotech stocks that we are personally
invested in: find out more.
The old Finfeed website, and all of the old articles are kept here for record keeping purposes.
VISIT NEW SITEBPH contributes to Net Zero goal with Baleen Well objectives
3 minute read
BPH Energy Ltd (ASX:BPH) has released commentary by Chairman of investee company Advent Energy Ltd, David Breeze.
In responding to recent press coverage which outlined plans to explore for gas on the NSW continental, Breeze affirmed Advent’s support for Net Zero and provided detail on the Baleen well drilling objectives.
The Chairman asserted his belief that the company will play a direct role in achieving the Net Zero by 2050 plan, especially in New South Wales, explaining: “It aims to do this in two ways: First, by finding gas closest to Australia’s biggest domestic energy market; gas which can be used to provide reliable back-up for increased uptake of renewable energy in NSW.”
“Second, through its plans to explore for opportunities in offshore NSW for carbon capture and storage (CCS), a key clean energy technology.”
Mr Breeze also highlighted CCS (Carbon Capture and Storage) as an essential technology in achieving net zero, a stance shared with the UK, one of the few countries with specific plans for net zero by 2050.
Likewise, the Australian Federal Government has increasingly acknowledged the importance of CCS in decreasing emissions, in line with its clean energy technology roadmap. The US Government, under President Biden, has identified CCS as a key clean energy technology in its plans for Net Zero by 2050.
Right now, NSW has not located any suitable onshore sites for large scale carbon storage. Mr Breeze explained Advent’s plan for an offshore Sydney Basin.
“Our plan for NSW is to use the results from our offshore drilling for gas, to also enable us to assess the offshore Sydney Basin for carbon storage.
“At this stage, we do not know if our drilling will encounter suitable carbon storage rocks. But based on the offshore seismic results we have obtained so far, we are optimistic. Independent published research by Geoscience Australia and the CO2CRC suggests large scale CO2 storage may be feasible in parts of the offshore Sydney Basin.
“If our gas and carbon storage exploration program is successful, and I am optimistic that it will be, it could be a real game changer for NSW and Australia in transitioning to a clean energy and net zero future. I look forward to discussing our plans with the State and Federal governments, and with the Opposition”.
About CCS
In December 2020, Advent Energy appointed Professor Peter Cook as its CCS Advisor.
Professor Cook is one of the world’s leading experts on CCS, with an extensive record of research and publication on the topic. He has been an IPCC Coordinating Lead Author and received the Greenman Award from the IEA Greenhouse Gas Programme for his work on CCS.
The recent number of overseas companies announcing plans for CCS epitomises its growth and importance.
The Norwegian company Equinor has outlined its Northern Lights Project with construction starting this year. The Project will involve permanent storage of many millions of tonnes of carbon dioxide from various onshore sources, in a reservoir 2600 meters under the seabed.
The US company Exxon Mobil has just announced a new company, Low Carbon Solutions, which will spend $3 billion to 2025 on clean energy technologies, with CCS a particular focus.
In Australia, the WA Gorgon LNG Project is geologically storing 3-4 million tonnes of CO2 a year at its Barrow Island facility.
The Norwegian Sleipner Project commenced offshore CO2 storage in 1996 and since that time has safely and securely stored approximately 20 million tonnes of CO2 in reservoir rocks 1000m under the seafloor.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
Publishers Notice
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain.