Wednesday 16 March 2022

PGS and deepC Store Limited (“DCS”) have entered into a Letter of Intent (“LoI”) to co-develop a commercial scale carbon storage project offshore Australia. PGS will provide geological and geophysical advisory services. Parties also agreed to explore broader collaboration opportunities in the region.

“The letter of intent with DCS expands the PGS New Energy business beyond Europe. Stakeholders in the Asia Pacific region are increasing their focus on carbon capture and storage as a key contributor to their net-zero ambitions. Geophysical data and expertise are important tools to secure safe and reliable reservoirs for carbon storage,” says Berit Osnes, EVP New Energy of PGS.

“We will collaborate with PGS to co-build a leading Carbon Capture and Storage (CCS) development and operation business in the Asia Pacific region. In that context, we look forward to seeking PGS’s expertise and securing reliable CO2 storage sites in Australia,” says Daein Cha, Managing Director and CEO of DCS.