Santos' (ASX:STO) Moomba Carbon Capture and Storage project in South Australia is on track to permanently sequester up to 1.7 million tonnes of carbon dioxide-equivalent (CO2e) annually, the oil and gas producer said in a statement on Jan. 31.

Started in October 204, the project, located in the Cooper Basin, has already stored 340,000 tonnes of carbon dioxide equivalent by the end of the year, the company said.

The project is delivering immediate and large-scale emissions reductions at competitive lifecycle costs, the company added.