The in-house GeoVault team has world class expertise and experience in CCS activity and has recently completed an assessment of the geological greenhouse gas (GHG) storage potential for areas in and around Buru's petroleum licences and permits that has been independently validated by RISC. This assessment is in support of the commercialisation pathway for Buru's 100% owned, low reservoir CO2 Rafael conventional gas and condensate discovery in the onshore
The independently reviewed CO2 storage estimates prepared by GeoVault for these areas confirmed material hub scale CCS potential, that significantly exceeds the estimated source CO2 emissions from a larger-scale Rafael project, thus providing a pathway to potentially significant reductions in Scope 1 and Scope 2 emissions from the planned project. Continued work by the Geovault team on this assessment is being undertaken with the understanding that the Western Australian government is working expeditiously to prepare and enact legislation that would allow onshore carbon capture and storage (CCS) activities to be undertaken in the State.
Buru's CEO
Independent verification
According to the SRMS, CO2 storage resources require quantification of the amount of potential underground CO2 storage and the amount of source CO2 available for storage. Storage resources are limited to the smaller of these two amounts. Resources also require adequate definition of a potentially commercial CO2 storage project and entitlement to store CO2. The estimated amount of CO2 that can be stored in a given area of a saline aquifer storage formation is termed the Estimated Ultimate Storage ('EUS'), an SRMS term. This EUS cannot be classified as a storage resource until a storage project, including the source of CO2 is defined and entitlement to store CO2 established. GeoVault has estimated the amount of CO2 that may be available for storage from the proposed Rafael conventional gas and condensate development, and has prepared a deterministic estimate of the EUS for areas associated with its existing permit areas in the
Supportive WA State Government
On
About GeoVault
Since 2021 Buru has been progressing CCS technical and commercial activities through its GeoVault subsidiary, with a focus on onshore geological greenhouse gas (GHG) storage. GeoVault aims to be a pre-eminent operator in the identification, development and operation of GHG storage projects in
About RISC Advisory
RISC is an independent advisory firm offering the highest level of technical and commercial advice to a broad range of clients in the energy industries. RISC works in partnership with operators, non-operators, banks, and private equity firms to support their interests in energy projects around the world. RISC provides comprehensive and independent advice to listed companies (ASX, SGX, TSE, LSE and others), banks, financiers, private equity and government agencies. RISC's experts have years of energy industry insight and RISC's reputation as a world class independent advisor gives stakeholders the confidence to make key business decisions. The preparation of the opinion provided to GeoVault has been managed by Mr
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