Italian energy giant Eni is re-evaluating its plans for the Verus gas field in the Timor Sea, which contains a high concentration of carbon dioxide (CO2). The field, previously known as Evans Shoal, is located 330 kilometers northwest of Darwin.
The development of Verus has raised concerns due to its high carbon intensity. The Institute of Energy Economics and Financial Analysis (IEEFA) has labeled the project a "carbon bomb," estimating that it could emit at least 7.5 million tonnes of CO2 annually, excluding emissions from gas combustion.
Eni has acknowledged the environmental challenges posed by Verus and is exploring alternative development concepts to minimize its footprint. The company is considering options to reduce emissions at the gas field and onshore, including greener LNG plant operations.
Eni had previously proposed a carbon capture and storage (CCS) project to mitigate Verus's high CO2 content. However, IEEFA has expressed skepticism about the feasibility of CCS at large scale. The organization believes that the most effective way to minimize Verus's environmental impact is to leave the gas in the ground.
The Verus gas field would be connected to Santos's Barossa gas pipeline via an underwater pipeline running parallel for much of its length. The route of the Barossa pipeline has raised concerns among traditional owners on the Tiwi Islands.