Chevron and JX sign agree to develop carbon capture value chain

Japan’s JX Nippon Oil and Gas Exploration Corporation and Chevron New Energies will assess the feasibility of exporting carbon dioxide (CO2) from Japan to carbon capture and storage (CCS) projects located in Australia and other countries in the Asia Pacific region, the companies announced on Monday.

The companies signed a memorandum of understanding to evaluate the viability 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 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 at Chevron.

JX gives importance to integrating carbon capture projects into its existing portfolio of projects that include conventional oil and natural gas development businesses.

According to Tetsuo Yamada, executive vice president of JX, the company will contribute to the realization of a carbon-neutral society by leveraging the knowledge it has gained through its businesses relating to carbon capture, utilization and storage.

• carbon capture and storage (CCS)
• carbon dioxide (CO2)
• Japan