New Hope : Bridgeport (Surat Basin) Pty Ltd - $15 million in Federal Funding

Bridgeport (Surat Basin) Pty Ltd, a subsidiary of New Hope Group, has been awarded $15 million in Federal funding for technologies that will help reduce carbon dioxide (CO2) emissions and create clean industries for tomorrow.

The funding will allow Bridgeport's Moonie Carbon Capture, Utilisation and Storage (CCUS) Project in the Surat Basin to provide safe storage of CO2 in the Moonie oil field.

New Hope Group CEO Rob Bishop said the funding will help fast-track development of CCUS technology which is important to the transition to a low-carbon economy.

"We're proud to be a key player in the creation of Queensland's first carbon hub and help unlock pathways to a low-carbon future," Mr Bishop said.

"Thanks to Federal funding, CO2 emissions from the Millmerran Power Station in the Darling Downs will be captured, transported and stored at Bridgeport's Moonie CCUS facility.

"Bridgeport's Moonie CCUS project plans to initially capture and inject 55,000 tonnes per annum of CO2 into Bridgeport's Moonie-27 injection well. By 2028, up to 1 million tonnes per annum of CO2 is planned to be injected, extending the life of the Moonie oil field which has been operating for over 60 years and transforming its use for CO2 storage.

"New Hope is committing $27.5 million investment in the project alongside the $15 million Federal grant for a total project value of $42.5 million.

"We're committed to building a sustainable and resilient business that will support the needs of our customers and stakeholders, while investing in emission reduction initiatives."