Chevron New Energies Japan GK and MOECO will conduct pilot tests of a developing novel geothermal technology, specifically advanced closed loop (ACL) technology.

ACL technology involves sub-surface heat exchange through a loop of underground wells to generate electricity (through surface facilities) by utilizing sub-surface geothermal heat.

The pilot test using this ACL technology is expected to be conducted in the Niseko region of Hokkaido, Japan.

"Geothermal development needs to be carried out with the final customer in mind and with consideration of potential impacts to the environment and the local community," said Barbara Harrison, Vice President of Offsets and Emerging, Chevron New Energies International Pte, Ltd. 

"Chevron and MOECO believe that geothermal can be a significant enabler in Japan's lower carbon and net zero journey," Harrison added.

Price Action: CVX shares are trading lower by 1.19% to $153.03 on the last check Thursday.