FX.co ★ JX, Chevron Sign MOU For Collaboration On Carbon Capture And Storage Projects

JX Nippon Oil & Gas Exploration Corporation and Chevron New Energies, a subsidiary of Chevron U.S.A. Inc., announced the signing of a Memorandum Of Understanding which sets the groundwork for evaluating the exportation of Carbon Dioxide from Japan to Carbon Capture and Storage projects in Australia and other Asia Pacific countries.

The primary aim of the Memorandum Of Understanding, as stated by the firms, is to test the feasibility of the Carbon Capture and Storage value chain. This includes the capture of Carbon Dioxide released by industries based in Japan, such as JX's affiliates, and its transportation via ship from Japan to Chevron's greenhouse gas storage operations in Australia.

In addition, the collaboration will consider the possibility of establishing appropriate cross-border policies and the potential creation of Carbon Dioxide storage locations in other Asia Pacific countries.