JX Nippon Oil & Gas Exploration Corporation (referred to as 'JX' and led by President & CEO Toshiya Nakahara) and Chevron New Energies, a division of Chevron U.S.A. Inc., have entered into a Memorandum Of Understanding. This agreement establishes a structure for assessing the potential exportation of Carbon Dioxide (CO2) from Japan to Carbon Capture and Storage (CCS) initiatives situated in Australia and various other nations across the Asia Pacific region.
The primary aim of the MOU is to assess the viability of the CCS process, encompassing the capture of CO2 emissions from industries situated in Japan, including those of JX’s affiliates. Subsequently, the captured CO2 would be transported via ship from Japan to Chevron’s greenhouse gas storage assets in Australia. Additionally, the partnership will investigate the potential for establishing appropriate cross-border regulations and the feasibility of establishing CO2 storage locations in other nations within 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 has been 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.