Chevron, JX Nippon Oil & Gas Exploration partnered to develop Asian Pacific CCS value chain

Chris Powers expressed anticipation for leveraging the long-standing relationship with JX and ENEOS Group

JX Nippon Oil & Gas Exploration Corporation and Chevron New Energies, a division of Chevron U.S.A. Inc., signed a Memorandum of Understanding ("MOU") to establish a framework for assessing carbon dioxide (CO2) exports from Japan to carbon capture and storage (CCS) projects in Australia and other Asia Pacific countries. The MOU's major goal had been to assess the viability of the CCS value chain, which included the capture of CO2 released by Japanese enterprises, including JX's affiliates, and delivery by ship to Chevron's greenhouse gas storage assets in Australia. The collaboration also planned to look into the prospective development of CO2 storage sites in other Asian-Pacific countries, as well as appropriate transboundary legislation.

Tetsuo Yamada, Executive Vice President of JX, had expressed gratitude for achieving the MOU, highlighting the extensive oil and liquefied natural gas (LNG) relationship with Chevron cultivated over seven decades. He emphasized the commitment and dedication of both companies to advancing lower-carbon solutions. Yamada further elaborated on JX's strategic focus on CCS within its “Two-Pronged” approach, where decarbonization initiatives, including CCS and CCUS, formed another essential aspect of the company's operations alongside conventional oil and natural gas development. He underscored JX's contribution to realizing a carbon-neutral society by leveraging its accumulated knowledge from various CCS/CCUS-related ventures, such as the Petra Nova CCUS project in Texas, USA.