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CarbonNet - Project Development and Commercial Establishment stage

The CarbonNet Project has progressed to an important next step after further discussions between the Victorian and Commonwealth Governments.

Carbon Capture and Storage (CCS) is being explored as part of a suite of solutions with the potential to mitigate greenhouse gas emissions and address climate change.

The Intergovernmental Panel on Climate Change believes that CCS can play an important role in helping to meet global emission reduction targets.

To date, the CarbonNet Project has undertaken extensive investigations of the offshore Gippsland Basin including geoscience studies which have been subject to independent scientific peer review.

The offshore Gippsland Basin is widely recognised as a world-class location with significant potential for carbon dioxide storage.

The project has also secured legal access to offshore sites enabling it to undertake further field activities to confirm the viability of the sites.

The next stage of activities (Stage 3) includes a marine seismic survey in Bass Strait, which is proposed for the summer of 2017-18. The drilling of an appraisal well is planned for the following summer, 2018-19.

Field activities during Stage 3 will require extensive stakeholder consultation, regulatory and environmental approvals.

The CarbonNet Project will also be working with its research partners (CO2CRC, CSIRO and The University of Melbourne) during the Stage 3 work program to build a sound scientific basis for CCS in the Gippsland Basin.