Through its subsidiary Chevron Australia Pty Ltd, Chevron Corporation entered into three joint ventures that have been granted an interest in three greenhouse gas assessment permits offshore Australia.
The permits include two in the Carnarvon Basin off the north-western coast of Western Australia (WA) and one in the Bonaparte Basin offshore Northern Territory (NT), covering over 31,500 km2 or nearly 7.8 million acres.
Just last 1st September, the joint venture comprised Woodside Energy Ltd, BP Developments Australia Pty Ltd (bp), Mitsubishi Corporation and Mitsui & Co., Ltd-owned Japan Australia LNG (MIMI) Pty Ltd, Shell Australia Pty Ltd, and Chevron Australia Pty Ltd, has been awarded the greenhouse gas assessment permit in the Northern Carnarvon Basin off the north-western coast of Western Australia.
“Chevron has a unique set of capabilities and relationships to support the further deployment of carbon capture and storage in Australia,” Chevron Australia Business Unit managing director Mark Hatfield said.
Hatfield stated Chevron looks forward with their venture participants to assess the greenhouse gas storage potential in said titles, which are hoped to benefit Australia and the region in the coming years.
According to Chevron, the company is concentrating on carbon capture, utilisation, and storage (CCUS), primarily through hubs with third-party emitters as partners and customers, renewable fuels, hydrogen, offsets, and other cutting-edge technologies as part of its global lower carbon strategy.
“Under almost every scenario, CCUS is expected to be essential for meeting the net zero ambitions of the Paris Agreement and is poised to play a crucial role in reducing carbon emissions in hard-to-abate, energy-intensive industries such as LNG, refining, petrochemicals, power, steel, and cement,” Chevron New Energies Vice President Chris Powers.
According to Powers, Chevron’s and other ventures of the same nature could contribute to improving returns and reducing the carbon intensity of the company’s operations.
“We are eager to work together on these projects,” Powers said.
