b'Canberra observed Whats happening with CCS the Moomba anticline in South Australia,Oz Minerals is no morewhere the geological structure appears In the October 2022 Budget, thefavourable for CCS operation. It has alsoBHP took over Oz Minerals on 18 April government stripped $250 million from thedone a deal to bury CO 2under the Timor2023. Oz Minerals had a market capital of Carbon Capture and Storage programme.Sea at the Bayu-Undan Gas Field. This is$9.45 million and BHP had a market cap The reason was that more than $3.5 billionsituated 500 km o\x1eshore from Darwin andof $605.6 million on that day.of public money had been spent on CCS250 km south of East Timor.over the last \x1dfteen years, but there is littleYou might have thought that the to show for it. For CCS to work there needsAPPEA and Santos are currently lobbyingpurchase would have raised the market to be good examples to show that thethe Government for a long-term strategycapital of BHP, because it has acquired an technology works, and that the businessand are using the US arrangements as anasset worth nearly $10 million. This did case is robust and worthwhile. example. Companies there can claim anot happen, and BHPs value declined tax deduction of US$85 for every tonnefrom $605.6 million to 579.8 million as Questions still remain over Chevronsof CO 2properly buried. I expect that thea result. I wonder if the purchase was Gorgon CCS plant on Barrow Island, whereGovernment will wait until the Moombaworth it.it is still operating at just one third capacityproject is completed before taking any after six years. Santos is developing a site ataction.23 PREVIEW JUNE 2023'