Santos and JBIC ink MoU to promote energy security and decarbonisation

Santos and Japan Bank for International Cooperation (JBIC) ink a Memorandum of Understanding (MoU).

In a statement, Santos, an Australian oil and gas exploration and production company, said the MoU is intended to promote the progress of decarbonisation targets and the security of consistent energy.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said the MoU is built upon the lengthy history of cooperation between JBIC and Santos.

“Santos and JBIC have been working together for decades, and this MoU further bolster those ties with a particular focus on energy security and decarbonisation projects,” Gallagher stated.

Given the current global problems, Gallagher said that the cooperation aims to further strengthen the security of Japan’s energy supply’s security, focusing on its existing LNG business and its aspirations for clean fuels.

“We will also explore the establishment of clean fuel supply chains, investment and business opportunities for Japanese companies in decarbonisation projects in Australia and the Indo-Pacific, including carbon capture and storage hubs and infrastructure investment and social capital opportunities in the Indo-Pacific,” Gallagher added. 

According to Santos, it has a history of successfully collaborating with Japanese businesses, including buyers, trade firms, engineering, procurement, and construction firms, and shipping firms.

JBIC said Santos is Australia’s biggest energy business, having extensive expertise in developing and operating LNG projects. Santos has been a prominent sponsor of natural gas development and LNG projects in Australia and Papua New Guinea in collaboration with Japanese corporations. Santos, which is exploring CCS hub businesses based on exhausted gas resources and the manufacture of zero-emission fuels such as hydrogen ammonia, is a crucial partner for Japan’s energy security and decarbonisation plans.

JBIC stated it would continue to provide financial support for developing commercial possibilities for Japanese enterprises and the assurance of a reliable energy supply as Japan’s policy-based financial institution.