The CarbonNet Project Assessment Permits
The State of Victoria holds four greenhouse gas assessment permits in Commonwealth waters under the Commonwealth Offshore Petroleum and Greenhouse Gas Storage Act 2006.
The first permit (VIC-GIP-001) was awarded in 2012, and a further three permits were awarded in 2015 (VIC-GIP-002, VIC-GIP-003 and VIC-GIP-004).
The State also holds a greenhouse gas assessment permit in Victorian waters (GGAP006386(V)) under the Victorian Offshore Petroleum and Greenhouse Gas Storage Act 2010 which was awarded in 2016.
All of the permits were awarded following competitive bidding processes and are for a period of six years. The CarbonNet project manages the permits on behalf of Victoria and allow it to explore for greenhouse gas storage areas within the permits.
In early 2017 the Victorian and Commonwealth governments agreed to progress CarbonNet to Stage 3 - Project Development and Commercial Establishment.
Storage site selection
The construction of 3D geological models for the coastal and offshore areas of the Gippsland Basin have allowed scientists to analyse potential storage sites. Prospective storage sites have been evaluated in a process similar to that employed by the oil and gas industry, with a focus on safe and secure storage. An independent peer review involving experts from around the world was undertaken to assess CarbonNet's analysis of storage sites.
The regulatory framework
Several key pieces of legislation underpin the sequestration of CO2 depending on whether it is onshore or offshore in Victorian or Commonwealth jurisdiction, including:
- Victoria's Greenhouse Gas Geological Sequestration Act 2008 (GGGS)
- Victoria's Offshore Petroleum and Greenhouse Gas Storage Act 2010
- The Commonwealth's Offshore Petroleum and Greenhouse Gas Storage Act 2006.
Page last updated: 18 Mar 2020