The Albanese Government will finalise new offshore exploration permits for gas supply to firm renewables and support the economy as Australia makes the transition to net zero emissions.
The Minister for Resources and Northern Australia Madeleine King will finalise permits for Esso and Beach Energy in the Otway and Sorrell Basins, with any discovered gas to support the domestic east coast market.
Exploration permits will also be finalised for Chevron, INPEX, Melbana and Woodside Energy on Australia’s west coast, supporting energy security in Western Australia. In addition, 10 permits will be finalised for carbon capture and storage (CCS) exploration.
The International Energy Agency, the CSIRO, the UN Intergovernmental Panel on Climate Change and Australia’s Climate Change Authority all identify that carbon capture, utilisation and storage will be needed to support the net zero transition.
Read the full press release HERE.
Above image: CCS Projects in Australia – Geological Storage. July 2024. Copyright CO2CRC LTD.
1 operational project, and a further 16 commercial projects in the pipeline.