Norwegian offshore seismic acquisition specialist PGS has entered into an agreement with deepC Store (dCs) which will see PGS become a major shareholder in the Australian carbon capture and storage (CCS) project developer.
The two companies have struck a deal for dCS to issue shares to PGS in exchange for PGS providing geological and geophysical advisory services.
The parties have also agreed to explore broader collaboration opportunities in the Asia Pacific region for co-developing commercial scale CCS projects.
“Together with our partners, PGS is forging a new industry to enable safe and efficient carbon storage offshore. Asia Pacific region is one of the key markets where carbon capture and storage enables a path to net-zero,” said Berit Osnes, EVP New Energy of PGS.
The Perth-based dCs is developing Australia and Asia Pacific’s first CCS floating multi-user hub under a project called CStore1. The project has a planned CO2 injection capacity of between 1.5m and 7.5m tonnes per annum. According to dCs, its design is modular and scalable, with additional CO2 carriers and FSI hub facilities that can be added into the network to rapidly increase injection capacity.
The company has recently secured A$5m ($3.4m) Australian Government grant that enables the scaling of its efforts to commence pre-FEED of the project.