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| Year | Emissions | Baseline | Gap | ACCUs | SMCs | Compliance |
|---|---|---|---|---|---|---|
| 24–25 | 281 kt | 263 kt | -1 t | 17,445 | — | Under baseline |
Vincent Project Venture is a oil & gas facility operated by Woodside Energy Ltd. in WA. Like all covered facilities, LNG processing, gas extraction and pipeline operations release methane and combustion emissions. Under Australia's Safeguard Mechanism, Vincent Project Venture must keep its annual emissions below a stepping-down baseline — or purchase carbon credits to cover any overage.
In 2023–24, Vincent Project Venture came in under its baseline — reporting emissions of 281 kt against an obligation of 263 kt, a surplus of 1 t. Facilities that come in under baseline can generate Safeguard Mechanism Credits (SMCs), which can be sold to facilities that need to cover an overage.
Across the oil & gas sector, 8 of 8 covered facilities reported emissions above their baseline in 2023–24. The table below compares Vincent Project Venture with other oil & gas facilities covered by the Safeguard Mechanism.
| Facility | Operator | State | Emissions | vs Baseline | Compliance |
|---|---|---|---|---|---|
| Gippsland Basin facility | ESSO AUSTRALIA RESOURCES PTY LTD | VIC | 1.51 Mt | +156 kt | ACCU buyer |
| Moomba Plant | Santos Limited | SA | 2.20 Mt | +148 kt | ACCU buyer |
| Darwin LNG Plant | Santos Limited | NT | 242 kt | +142 kt | ACCU buyer |
| APLNG Facility | CONOCOPHILLIPS AUSTRALIA OPERATIONS PTY LTD | QLD | 2.12 Mt | +86 kt | SMC buyer |
| Queensland Curtis LNG Plant | QCLNG Operating Company Pty Ltd | QLD | 1.94 Mt | +73 kt | ACCU buyer |
| Beharra Springs | BEACH ENERGY LIMITED | WA | 145 kt | +45 kt | ACCU buyer |
| Varanus Hub | Santos Limited | WA | 281 kt | +44 kt | ACCU buyer |
| Ballera | Santos Limited | QLD | 154 kt | +34 kt | ACCU buyer |