Information of the project
Carbon Capture & Storage (CCS)
With our focus on the Surat & Bowen Basin, we aim to develop near-term, small-scale, low-cost, fit-for-purpose CCS to help decarbonise the energy sector and other existing industrial emissions.
With the existing gas fields and infrastructure in place, PZE is well positioned to execute conversion to CCS.
Using depleted gas fields for CCS has several advantages: it allows CO2 to be returned to where it originated and reservoir size, cap rock strength and reservoir properties are generally well known, reducing subsurface risk and the need for appraisal.
PZE expects to repurpose existing pipelines and wells to reduce development costs and source CO2 locally to minimise transportation costs.
Progress to date
Today, our energy transition agreement has been signed with Armour Energy to evaluate decarbonisation options. Additional discussions are being finalised with a second operator.
PZE is evaluating options to work with landowners to increase the amount of carbon stored in the soil and vegetation through regenerative agriculture and savanna management.
There is potential for generation of high-quality, independently verified carbon credits with additional biodiversity benefits. Since 2011, carbon farming has been able to generate Australian Carbon Credit Units.
Preservation of native forestry through the reduction of emissions from deforestation and degradation (REDD+) is also being evaluated.