JX Nippon Oil & Gas Exploration and Chevron New Energies, a division of U.S.-based Chevron, 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.
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.
“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, Vice President of carbon capture, utilization, and storage (CCUS) at Chevron.
“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,” added Tetsuo Yamada, Executive Vice President of JX.
According to Jamada, 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.