JX Nippon Oil & Gas Exploration Corp. and Chevron New Energies, a division of Chevron USA Inc., 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 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 companies said in a joint release Mar. 19. 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.
“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,” said Tetsuo Yamada, executive vice-president of JX Nippon.
