"People are concerned about the costs of removing the CO2 because there is so much of it, and that's why these previous project proposals have fallen over," he said.
Eni has made few public announcements about its likely multi-billion-dollar development, but it in January it gave a presentation in Darwin outlining its proposal and a FID targeted for late 2023.A report by IEEFA has labelled the project a "carbon bomb", estimating emissions from the Verus field could amount to at least 7.5 million tonnes of carbon dioxide per year — not counting the emissions produced when the gas is burnt by customers.
Eni would not be able to flare CO2 at its Verus wellheads in the Timor Sea under changes to the safeguard mechanism.
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