Chevron and JX Nippon Oil & Gas Exploration Corporation have signed a Memorandum of Understanding (MOU) to cooperate on a framework to evaluate the export of Carbon Dioxide (CO2) from Japan to Carbon Capture and Storage (CCS) projects located in Australia and other countries in the Asia Pacific region.
The MOU aims to assess the potential of the CCS value chain, which includes capturing CO2 emissions from industries in Japan, including JX’s affiliates, and transporting it by ship to Chevron’s greenhouse gas storage portfolio in Australia. The cooperation will also explore the possibility of developing transboundary policies and identifying suitable CO2 storage sites in other countries in the region.
“We look forward to building off our long-standing relationship with JX and ENEOS Group, the largest Japanese global petroleum and metals conglomerate, and hope that this joint study ultimately contributes to the further development of large-scale CCS hubs throughout the Asia Pacific region,” said Chris Powers, Vice President of Carbon Capture, Utilization, and Storage (CCUS) at Chevron. “We believe large-scale CCS value chain projects will play a key role in advancing Asia Pacific’s lower carbon aspirations, and that long-term collaborations are necessary to meet these aspirations.”
“This MOU is achieved thanks to the significant oil and liquefied natural gas (LNG) relationship with Chevron that we have had over seven decades, and further demonstrates the commitment and dedication of the companies in helping advance lower carbon solutions.” said Tetsuo Yamada, Executive Vice President of JX.
“JX has positioned CCS as an important initiative in its business strategy under its “Two-Pronged” approach, in which, in addition to the conventional oil and natural gas development business, decarbonization initiatives centered on CCS/CCUS are another prong of the company’s operations such as the Petra Nova CCUS project in Texas, USA. JX will contribute to the realization of a carbon-neutral society by leveraging the knowledge we have accumulated through our various CCS/CCUS-related businesses,” Yamada added.
