The agreement comes just days after the bank announced it would provide financial support to secure LNG from companies and utilities. 

JBIC said on Wednesday it had chosen to work with Santos as it had worked with Japanese companies on LNG projects in Australia and Papua New Guinea. 

"By signing the MOU with Santos on the strengthening of cooperation, JBIC aims to further its project structuring in securing energy supply and decarbonisation," the bank said. 

"As Japan's policy-based financial institution, JBIC will continue to financially support the creation of business opportunities for Japanese companies and the securing of a stable supply of energy."

The bank noted that Santos was considering a CCS hub at Bayu Undan and had invested in hydrogen ammonia projects. 

Bayu Undan was the only project specifically mentioned by the bank, however in its own press release Santos said the partnership would focus on its existing LNG business. 

Santos CEO Kevin Gallagher noted JBIC had worked with Santos for decades. 

"This MOU bolsters those ties," he said.

"Given the current global pressures, this partnership aims to further strengthen Japan's energy supply security.

"We will also explore the establishment of clean fuel supply chains, investment and business opportunities for Japanese companies in decarbonisation projects in Australia and the Indo-Pacific region including carbon capture and storage hubs and infrastructure investment and social capital opportunities in the Indo-Pacific."