Verus Project

Overview

Eni Australia Limited (Eni) proposes to develop the Verus gas field within the Bonaparte Basin, in retention lease NT/RL7 approximately 330 km north-west of Darwin in Australian waters in the Timor Sea (Figure 1 below).

Activity Description

Eni's planned development consists of a floating production, storage and offloading facility (FPSO) moored at the Verus gas field location. The FPSO would process gas produced from the Verus gas reservoir through 12 production wells from a subsea production system. Gas would flow from the wells to the FPSO through infield flowlines (Figure 2 below).

On the FPSO the gas will be dehydrated, compressed and then transported from the FPSO through an approximately 380 km long gas pipeline to the existing Santos operated Darwin Liquified Natural Gas (DLNG) facility at Wickham Point for processing. The liquid condensate produced with the gas will be separated from the gas on the FPSO and stored before being periodically offloaded into a condensate offtake tanker for transport to customers.

The wells, FPSO and the gas pipeline will be installed within the offshore project area shown in Figure 1. The gas pipeline route corridor shown is subject to further refinement as studies progress. The concept foresees a gas pipeline sitting on the seabed, with exception on sections considered necessary to be buried in a pre-cut trench, such as areas within Darwin Harbour.

Project Timing

The proposed Verus project development is anticipated to commence construction after a final investment decision (FID) is taken in 2024. Well drilling is planned to commence in 2026.

These timeframes are subject to possible change and, as necessary, will be updated in subsequent Verus project information documents.
The Verus project is expected to have an operating life of 20 years from start-up. At the end of its operational life, the Verus infrastructure will be decommissioned in accordance with standard industry practice and relevant regulations.

CO2Management

To align with Eni's strategy for carbon neutrality by 2050 a range of options for the safe and permanent storage of the 29% CO2 content in Verus gas have been considered.

Eni is working with other stakeholders to study the development of a regional carbon capture and storage (CCS) hub based on carbon capture at DLNG and transportation of the CO2 via the existing Bayu-Undan to Darwin gas pipeline to carbon storage facilities at the depleted Bayu-Undan gas field in Timor-Leste waters about 500kms north west of Darwin.

The CO2 would then be safely and permanently stored deep underground in the Bayu-Undan field (Figure 2). Such a regional CCS hub would provide CO2 management services to industry and play a major role in lowering CO2 emissions from Verus and other projects.
Eni is already developing CCS projects worldwide, such as in the UK with the HyNet North West Project.

The important role of CCS in climate change mitigation strategies is recognised by Eni and many international organisations, such as the European Commission, the UN's Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA), which in their latest reports confirm that reaching net zero will be virtually impossible without CCS.

Who is Eni?

Eni is an Italian integrated energy company with presence in Australia and Timor - Leste since 2000, operating in 69 countries with over 30,000 employees. The Company's strategy aims to achieve net zero emissions by 2050 by providing a variety of fully decarbonised products, combining environmental and financial sustainability, with a strong focus on technological leadership built on years of research and innovation. With its presence throughout the world, Eni meets the short and long-term challenges facing the energy sector.

In line with Eni's mission, which is inspired by the United Nations Sustainable Development Goals (SDGs), we concretely support a just energy transition, with the objective of preserving our planet and promoting an efficient and sustainable access to energy for all. Our work is based on passion and innovation, on our unique strengths and skills, on the equal dignity of each person, recognizing diversity as a key value for human development, on the responsibility, integrity and transparency of our actions. We believe in the value of long term partnerships with the countries and communities where we operate, bringing long-lasting prosperity for all.

For more information on Eni please go to: https://eni.com