Chevron, JX Nippon sign MoU to advance CCS initiative

Chevron New Energies, a division of Chevron Corporation, and JX Nippon Oil & Gas Exploration Corporation have signed a memorandum of understanding (MoU) aimed at developing a carbon capture and storage (CCS) value chain, Chevron announced on March 18.

The primary objective of the MoU is to assess the feasibility of the CCS value chain, with a focus on capturing CO2 emissions from various industries in Japan, including those affiliated with JX. The captured CO2 will then be transported via ship from Japan to Chevron's greenhouse gas storage facilities located in Australia.

Additionally, the partnership will investigate the potential establishment of CO2 storage sites in other countries across 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 CCUS at Chevron.

Tetsuo Yamada, executive vice president of JX Nippon said his company has prioritised CCS as a pivotal initiative within its business strategy, aligning with its "two-pronged" approach. This approach focuses not only on conventional oil and natural gas development but also on decarbonisation initiatives centered around CCS/CCUS projects.