Geosciences

PGS offered shares in Australian offshore carbon storage developer

July 18, 2022

PGS and deepC Store (dCS) have entered an agreement under which dCS will issue shares to PGS in exchange for geological and geophysical advisory services.

Offshore staff

OSLO, Norway — PGS and deepC Store (dCS) have entered an agreement under which dCS will issue shares to PGS in exchange for geological and geophysical advisory services.

The two parties plan to assess broader collaboration opportunities in the Asia-Pacific region for co-developing commercial scale carbon capture and storage (CCS) projects.

Recently, Australia’s government awarded Perth-based dCS an A$5 million ($3.41 million) grant under the Carbon Capture, Use and Storage (CCUS) Hub & Technology Program (Hub Stream).

This will help the company start pre-FEED on a first offshore floating CCS project, CStore1; identify and assess potential CO₂ injection sites offshore Australia; pre-negotiate commercial terms with CStore1 partners; and negotiate further terms with NSC to offtake CO₂ of up to 5 MM metric tons/year from NSC’s steel works in Japan.