JX Nippon Oil & Gas Exploration Corporation (“JX”; President & CEO: Toshiya Nakahara) and Chevron New Energies, a division of Chevron U.S.A. Inc., have agreed to assess the possibility of exporting Carbon Dioxide (CO2) from Japan to Carbon Capture and Storage (CCS) projects in Australia and other countries in the Asia Pacific region.The main goal of the MOU is to assess the feasibility of the CCS value chain, including capturing CO2 emitted from industries in Japan, including JX’s affiliates, and transporting it by ship from Japan to Chevron’s greenhouse gas storage portfolio in Australia. The collaboration will also explore the opportunity to establish appropriate transboundary policies and develop CO2 storage sites in other countries in the Asia Pacific region.
From left: Chevron New Energies President Jeff Gustavson and Vice President, CCUS, Chris Powers; and JX Nippon Oil & Gas Exploration Corp. Executive Vice President, Chief Strategy Officer, and Assistant to the President Tetsuo Yamada and Chief Executive Officer, Chief Digital Officer and President Toshiya Nakahara. We are excited to continue 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 is a result of the significant oil and liquefied natural gas (LNG) relationship with Chevron that we have built 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 focused on CCS/CCUS are another prong of the company’s operations such as the Petra Nova CCUS project in Texas, USA. JX will use its knowledge gained through its various CCS/CCUS-related businesses to help achieve a carbon-neutral society.”
“Yamada added.JX Nippon Oil & Gas Exploration Corporation (“JX”; President & CEO: Toshiya Nakahara) and Chevron New Energies, a division of Chevron U.S.A. Inc., have signed a Memorandum Of Understanding (“MOU”)…
“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.
