Australian natural gas company Santos has signed four separate non-binding memoranda of understanding regarding the storage of captured carbon dioxide within the Bayu-Undan gasfield, which is soon to be depleted.

Front-end engineering work is close to completion on the Bayu-Undan CCS project, situated in the Timor Sea 250 km south of East Timor and 500 km north-west of Darwin, and Santos has stated that initial demand for storage could be more than 10 million tonnes of CO₂ per annum. Being  within the Joint Petroleum Development Area shared between Australia and East Timor, the project would be able to attract Australian Carbon Credit Units, and three of the MoU partners are based in the Northern Territory of Australia (of which Darwin is the capital), the other in Korea.

A final investment decision is expected in 2025.