Chevron Corporation and Mitsui announced the signing of a joint study agreement (JSA) on the feasibility of transporting liquified carbon dioxide (CO2) from Singapore to permanent storage locations offshore Australia.

By 2030, Chevron and MOL will examine the technical and financial viability of initially transporting up to 2.5 Mtpa of liquified CO2 under the JSA.

The JSA will support the efforts of a partnership that was just formed to investigate methods for the extensive carbon capture, transportation, and long-term storage of CO2 from Singapore. Chevron has received an interest in three greenhouse gas assessment permits offshore Australia through its participation in three joint ventures.

“Developing safe and reliable CO2 transportation services is a crucial step in developing large scale Carbon Capture, Utilization, and Storage (CCUS) solutions. We are pleased to partner with MOL to explore commercially ready solutions to focus on realizing this goal,” said Mark Ross, president of Chevron Shipping Company.

“We expect this agreement with MOL to advance the technical and commercial foundations for a regional approach to CCUS, which could provide progress toward the region’s net-zero ambitions. No single entity has all the solutions, but genuine collaboration can help us unlock opportunities as we advance our shared goal of a lower carbon future,” said Chris Powers, vice president, CCUS, Chevron New Energies.

“As a developer and a provider of social infrastructure service in addition to traditional shipping, MOL is honored and excited to have an opportunity to collaborate with Chevron for opening up CCUS solutions in the Asia Pacific region. We hope to expand our collaboration to wider areas of solutions for decarbonization including CCUS and renewable energies globally,” said Yasuchika Noma, Executive Officer of MOL.