Chevron, JX Ink Deal to Collaborate on Carbon Capture and Storage Development
(P&GJ) — Chevron and JX Nippon Oil & Gas Exploration Corp. have signed a deal to assess the potential collaboration in the development of a carbon capture and storage (CCS) value chain. The agreement outlines plans to explore the feasibility of exporting carbon dioxide (CO₂) from Japan to CCS projects in Australia and other Asia Pacific countries.
The primary objective of the MOU is to evaluate the viability of the CCS value chain, which involves capturing CO₂ emissions from industries in Japan, including JX's affiliates, and transporting them via ship to Chevron's greenhouse gas storage portfolio in Australia. Additionally, the collaboration will examine the development of transboundary policies and the potential establishment of CO₂ storage sites across the Asia Pacific region.
Chris Powers, vice president of carbon capture, utilization, and storage (CCUS) at Chevron, expressed optimism about the partnership, highlighting the importance of large-scale CCS projects in advancing lower carbon goals in the Asia Pacific region.
The MOU signifies a significant step in fostering international collaboration towards carbon-neutral solutions, leveraging Chevron and JX's longstanding relationship and expertise in the energy sector. It reflects both companies' dedication to advancing CCS technology and contributing to global efforts to combat climate change.
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