Australia names offshore site for Inpex-led Bonaparte carbon storage project

By Reuters News

SYDNEY, Oct 16 (Reuters) - Australia on Friday designated the West Peron undersea rock formation, off the country's north coast, as a storage site for the 8 million metric ton-per-year Bonaparte carbon capture and storage project proposed by Japan's Inpex 1605.T.

  • The Bonaparte project is initially expected to receive carbon dioxide from Inpex's Ichthys liquefied natural gas (LNG) project before eventually expanding storage services to multiple industrial facilities.

  • Inpex proposes to permanently store up to 443 million tons of carbon dioxide deep underground in the West Peron formation over a period of up to 35 years. The formation is a layer of porous rock located deep beneath the seabed.

  • Australia Resources Minister Madeleine King said the decision demonstrated the government's support for technologies aimed at reducing emissions from industries where cutting greenhouse gas emissions remains difficult.

  • "Carbon capture and storage will play an important role in reducing emissions from hard-to-abate industries, supporting Australia's transition to net zero," King said.

  • Australia has a legislated target to reach net zero emissions by 2050.


Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.