JX Nippon Oil & Gas Exploration Corporation (“JX”; President
& CEO: Toshiya Nakahara) 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 (CO₂) from Japan to Carbon Capture and
Storage (CCS) projects located in Australia and other countries in
the Asia Pacific region.
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the full release here:
https://www.businesswire.com/news/home/20240318404227/en/
Pictured left to right, Jeff Gustavson,
President, Chevron New Energies; Chris Powers, Vice President,
CCUS, Chevron New Energies; Tetsuo Yamada, Executive Vice
President, Chief Strategy Officer, Assistant to President, JX
Nippon Oil & Gas Exploration Corp; and Toshiya Nakahara, Chief
Executive Officer, Chief Digital Officer, President, JX Nippon Oil
& Gas Exploration Corp., signed a Memorandum Of Understanding
(MOU) that provides 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. (Photo: Business Wire)
The main objective of the MOU is to evaluate the feasibility of
the CCS value chain, including capture of CO₂ emitted from
industries located in Japan, including JX’s affiliates, and
transportation by ship from Japan to Chevron’s greenhouse gas
storage portfolio in Australia. 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.
“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.
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to enabling human progress. Chevron produces crude oil
and natural gas; manufactures transportation fuels, lubricants,
petrochemicals and additives; and develops technologies that
enhance our business and the industry. We aim to grow our oil and
gas business, lower the carbon intensity of our operations and grow
lower carbon businesses in renewable fuels, carbon capture and
offsets, hydrogen and other emerging technologies. More information
about Chevron is available at www.chevron.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240318404227/en/
Chevron Allison Cook ACook@chevron.com (228) 623-4616
JX Nippon Oil & Gas Exploration Corporation
+81-3-6257-6000
Chevron (NYSE:CVX)
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