Chevron’s Gorgon Carbon Project on Track for Injection in 2015

The carbon capture project linked to Chevron Corp. (CVX)’s Gorgon liquefied natural gas project off the northwest coast of Australia is on track to begin injections in 2015, Australian energy minister Martin Ferguson said.

The world’s largest carbon capture and sequestration project is designed to inject 3.5 million tons of carbon dioxide per year at a depth of about 2,300 meters below Barrow Island off Western Australia.

“Carbon capture and storage remains the only viable method of using fossil fuels, which are still favored for energy security and affordability, while reducing global emissions in the long run,” Ferguson said in the text of a speech delivered in Perth today.

Australia is targeting a reduction in greenhouse gas emissions of at least five percent below 2000 levels by 2020 with a longterm goal of cutting emissions by 80 percent below 2000 levels by 2050.

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