Economic Potential of DACCS and Global CCS Progress

5.8 TIMELINES FOR CCS PROJECT DEVELOPMENT YEAR APPROVALS Geological storage exploration permitting Geological storage resource declaration as Building a new CCS facility or retrofitting CCS to an existing facility is a major industrial project requiring the full suite of studies, from concept through pre-feasibility and feasibility, before detailed engineering studies commence. The complexities of identifying and negotiating commercial agreements with counterparties where required (for example, CO2 offtake agreements) and completing environmental impact assessment processes, as well obtaining the necessary tenements and approvals for geological storage of CO2 from regulators, generally requires years to complete. This is assuming that appropriate legislation for the regulation of CCS has been promulgated; in most jurisdictions, this is still not the case. The development of a CCS project shares many similarities with mining and mineral processing and oil or gas production projects; a large complex CCS project may take a decade to progress from concept to operation. GEOLOGICAL STUDIES CO2 CAPTURE & TRANSPORT STUDIES CONTRACTING PROJECT EXECUTION Environmental Impact Assessment & Approvals Geological storage injection permitting Basin Screening (desktop) Initial Inventory Review (desktop) Storage Site Identification & Appraisal (data collection) Storage Field Development & Engineering Design CO2 Capture & transport Scoping & Pre-feasibility Studies CO2 Capture & Transport Feasibility Studie: CO2 Capture & Transport FEED Studies Financial Investment Decision Counterparty Commercial Negotiations CO2 Capture & Transport Detailed Engineering Procurement [47] Construction Commissioning Operation FIGURE 28: SIMPLIFIED GANTT CHART FOR A COMPLEX CCS PROJECT 1 2 NI MI H1 H2 H1 H2 H1 H2 4 H1 H2 IG 6 5 H1 H2 H1 7 8 H2 H1 H2 H1 I H2 9 H1 H2 GLOBAL CCS INSTITUTE

View entire presentation