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Carbon Capture & Storage

Chevron, JX sign MoU for CCS value chain collaboration

Chevron, JX sign MoU for CCS value chain collaboration
At the MoU signing on March 18, 2024, Chevron New Energies President Jeff Gustavson (left) and VP of CCUS, Chris Powers; and JX Nippon Oil & Gas Exploration Corp. EVP, Chief Strategy Officer, and Assistant to the President Tetsuo Yamada and CEO, Chief Digital Officer and President Toshiya Nakahara (photo courtesy Chevron).

Japan-headed JX Nippon Oil & Gas Exploration Corporation (JX) and Chevron New Energies (Chevron), a division of Chevron U.S.A. Inc., have signed a Memorandum of Understanding (MoU) that provides a framework to evaluate the export of carbon dioxide from Japan to Carbon Capture and Storage (CCS) projects located in Australia and other countries in the Asia Pacific region.

The main objective of the MOU is to evaluate the feasibility of the CCS value chain, including the capture of carbon dioxide (CO2) emitted from industries located in Japan, including JX’s affiliates, and transportation by ship from Japan to Chevron’s greenhouse gas (GHG) storage portfolio in Australia.

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. 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, said Chris Powers, VP of Carbon Capture, Utilization, and Storage (CCUS) at Chevron.

The collaboration will also explore the opportunity to develop suitable transboundary policies and the potential development of CO2 storage sites in other countries in the Asia Pacific region.

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. 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. 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, said Tetsuo Yamada, EVP of JX.

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