November 12, 2021 Read More →

Chevron’s Gorgon carbon capture and storage project fails to hit target

The Guardian:

Australia’s only working carbon capture and storage project in Western Australia has failed to meet its target to lock away greenhouse gases from a major gas processing plant.

Chevron, an America-based multinational oil and gas company, was given a target by the WA government to capture at least 80% of the CO2 that would otherwise be released at its Gorgon LNG project.

But the company has said it fell short of the target by 5.23Mt and will buy the equivalent amount in carbon credits while also investing $40m in unspecified “low carbon energy projects” in the state.

Based on today’s prices for carbon offsets – which analysts say are rising – Chevron would have to pay between $78m and $194m.

Chevron announced last month it made more than $8bn profit in the most recent financial quarter.

The Morrison government is prioritising CCS technology as a way to lower emissions, even though its impact after decades of promises and about $4bn in Australian taxpayer cash has been marginal.

Environmental campaigners said the shortfall in emissions reductions at Gorgon showed CCS should not be relied on as justification for allowing fossil fuel production to increase.

[Graham Readfearn]

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