SANTOS has announced its will be reviewing its Moomba carbon storage project.
The oil and gas supplier had planned to store millions of tonnes of carbon dioxide underground annually at depleted gas fields at Moomba.
The news comes as a blow to the Federal Government's pollution reduction scheme as well as dashes hopes of job opportunities which the project would have been created.'
Santos claims the viable project requires a higher oil price and a higher carbon price than the company expects to receive under the government's pollution reduction scheme.
The Mineral Resources Development Minister Paul Holloway says he is disappointed with the miner’s decision but accepts that the deferral of future investment in this multimillion-dollar project reflects the challenges of economic conditions.
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