Chevron, JX Nippon Set Sail on CO2 Storage Voyage Across Asia Pacific

Chevron Corporation‘s CVX Chevron New Energies inked a signed Memorandum Of Understanding (MOU) with JX Nippon Oil & Gas Exploration Corporation to develop the CCS value chain.

The deal will provide 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 MOU will assess the feasibility of the CCS value chain, which comprises the capture of CO₂ emitted from industries in Japan. 

This includes JX’s affiliates and transportation by ship from Japan to Chevron’s greenhouse gas storage portfolio in Australia. 

Also Read: Chevron Halts Biodiesel Production Amid Market Challenges, Unveils Green Hydrogen Initiative

The companies will also explore the opportunity to create suitable transboundary policies and the potential development of CO₂ storage sites in other countries in the Asia Pacific region.

Chris Powers, Vice President of Carbon Capture, Utilization, and Storage (CCUS) at Chevron, said, “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.”

In another development, Chevron was surprised when Exxon Mobil Corporation XOM filed for arbitration over its plans to buy Hess Corporation‘s HES Guyana oilfield stake, as per Reuters, which quoted Chevron CEO Michael Wirth.

As per the report, the dispute threatens to derail Chevron’s $53 billion takeover of Hess. 

Meanwhile, Exxon says it has the right of first refusal for Hess’s stake. The report cited Wirth, who said Chevron had been in talks with Exxon about the matter.

Related: Exxon CEO Denies Interest in Buying Hess, Focuses on Preemption Rights In Dispute with Chevron: Report

Price Action: CVX shares are trading higher by 0.61% at $156.36 on the last check Tuesday.

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