Chevron New Energies International signed a joint collaboration agreement on Sept. 25 with Japan's Mitsui Oil Exploration Co. Ltd. (MOECO), according to a joint press release.
Through the agreement, the two companies will explore the technical and commercial feasibility of Japan's advanced geothermal power capabilities through studying resource potential and evaluating advanced closed loop (ACL) technology's effectiveness for a future pilot program.
Chevron and MOECO have a long-standing relationship outside of this agreement, so they are both confident in the new collaboration.
“Chevron and MOECO share a goal of delivering lower carbon energy solutions, while meeting the need for reliable, affordable energy,” Chevron New Energies vice president of offsets and emerging Barbara Harrison commented in the release.
“This collaboration provides an opportunity for Chevron to combine its subsurface capabilities and technologies with MOECO’s intimate knowledge of Japan’s geothermal potential resource geology and its long history of responsible resource development," she continued.
In addition to this current collaboration, the companies could potentially assess the implementation of ACL-based advanced geothermal technology opportunities on a global scale.
ACL has the ability to enable access to geothermal resources at a wider range of temperatures and geologies with the use of alternative technology above and below the surface, differentiating it from conventional geothermal projects that use traditional steam turbines.
“This joint collaboration with Chevron, who has been a valued partner of MOECO for several decades in the energy industry, is intended to open a new chapter in the geothermal industry as MOECO aims to continue contributing to an environmentally sustainable world as a member of the Mitsui & Co.’s group companies,” MOECO CEO Hirotaka Hamamoto added.
Recommended Reading
Energy Transition in Motion (Week of Sept. 6, 2024)
2024-09-06 - Here is a look at some of this week’s renewable energy news, including $7.3 billion in clean energy funding for rural Americans.
Energy Transition in Motion (Week of Sept. 13, 2024)
2024-09-13 - Here is a look at some of this week’s renewable energy news, including an agreement between Exxon Mobil and Mitsubishi Corp. concerning ammonia from a planned hydrogen facility in Texas.
Energy Transition in Motion (Week of July 5, 2024)
2024-07-07 - Here is a look at some of this week’s renewable energy news, including the latest on hydrogen in aviation.
Energy Transition in Motion (Week of June 28, 2024)
2024-06-28 - Here is a look at some of this week’s renewable energy news, including plans for another offshore wind energy lease sale.
Energy Transition in Motion (Week of July 26, 2024)
2024-07-26 - Here is a look at some of this week’s renewable energy news, including news on another U.S. hydrogen hub.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.