Chevron and JX Solidify Partnership with MOU for CCS Value Chain Development

JX Nippon Oil & Gas Exploration Corporation ("JX"), under the leadership of President & CEO Toshiya Nakahara, and Chevron New Energies, a segment of Chevron U.S.A. Inc., have recently forged a Memorandum Of Understanding ("MOU"). This agreement aims to investigate the potential exportation of Carbon Dioxide (CO2) from Japan to Carbon Capture and Storage (CCS) ventures situated across Australia and various other nations in the Asia Pacific region.

The primary aim of the MOU is to assess the viability of establishing a CCS value chain, which involves capturing CO2 emissions from industries in Japan, including those affiliated with JX, and transporting it via ships to Chevron's greenhouse gas storage facilities in Australia. Additionally, the collaboration aims to investigate the formulation of appropriate transboundary policies and the potential establishment of CO2 storage sites in other Asia Pacific countries.

Chevron is optimistic about leveraging its longstanding partnership with JX and ENEOS Group, the largest Japanese global petroleum and metals conglomerate. The joint study resulting from this MOU is anticipated to contribute significantly to the advancement of large-scale CCS hubs across the Asia Pacific region. Chevron believes that such projects will play a pivotal role in realizing the lower carbon aspirations of the Asia Pacific region, emphasizing the importance of sustained collaborations to achieve these goals.

The successful culmination of this MOU is attributed to the extensive oil and liquefied natural gas (LNG) collaboration between JX Nippon Oil & Gas Exploration Corporation and Chevron, which spans over seven decades. This partnership underscores the shared commitment and dedication of both companies to advancing lower carbon solutions and addressing climate change challenges.

Positioning CCS as a critical component of its business strategy, JX has adopted a 'Two-Pronged' approach. In addition to its traditional oil and natural gas development activities, JX is actively pursuing decarbonization initiatives centered on CCS/CCUS (Carbon Capture, Utilization, and Storage). Notable among these initiatives is the Petra Nova CCUS project in Texas, USA. Leveraging its expertise accumulated through various CCS/CCUS-related endeavors, JX is committed to contributing to the realization of a carbon-neutral society.

This MOU represents a significant milestone in the ongoing efforts of both JX and Chevron to drive innovation and collaboration in the pursuit of sustainable and environmentally responsible solutions. As global leaders in the energy sector, JX and Chevron are poised to make substantial contributions to addressing climate change and advancing the transition towards a low-carbon future.

Chevron stands as a prominent global energy conglomerate, committed to facilitating human advancement through the provision of accessible, dependable, and increasingly sustainable energy solutions. Our operations encompass the extraction of crude oil and natural gas, the production of transportation fuels, lubricants, petrochemicals, and additives, as well as the continual advancement of innovative technologies that not only benefit our business but also contribute to the broader industry landscape.