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An area off the Northern Territory coast has been identified as a potential underground storage site for greenhouse gas emissions.
Scientists say five areas off the coast of the Territory, South Australia and Western Australia contain 10 sites stable enough to store emissions underneath the seabed.
Federal Resources Minister Martin Ferguson says the scheme will guarantee the Territory’s economy and jobs if it is successful.
“It’s about trying to guarantee the future of our oil and gas sector,” he said.
“Obviously in terms of potential investments in Darwin, Inpex and associated investors are exceptionally important to the economic future of Northern Australia.
“It’s about the viability of the industry, in a pretty tough international climate change debate.”
Licenses for commercial exploration of the sites will be available to companies later this year.
But Mr Ferguson says carbon capture and storage ventures will not result in Australia becoming a carbon sink, and the scheme is vital for the future of Australian industry.
“This is about Australian industry. Capturing our own CO2 emissions and potentially storing them, having a domestic impact to assist our industry in remaining competitive internationally,” he said.
“It is not about Australia becoming a carbon sink for other companies or countries’ activities, it is un-economic to even think about that.”
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