Chevron and MOL have signed a joint study agreement to explore the feasibility of transporting liquified CO2 from Singapore to permanent storage locations offshore Australia. At the signing ceremony in Singapore were Chris Powers, Vice President, Carbon Capture Utilization and Storage, Chevron New Energies, and Yasuchika Noma, Executive Officer of MOL. (Source: Business Wire)
Chevron New Energies International Pte. Ltd. signed a joint study agreement with Mitsui O.S.K. Lines Ltd. (MOL) to determine the transport of liquified CO2 to permanent storage locations offshore Australia, according to a Chevron press statement on Nov. 10.
This announcement follows Chevron signing another joint study agreement with JERA to explore low-carbon projects in the U.S. and Asia Pacific regions earlier this week on Nov. 7.
Under the agreement, the two companies will survey the "technical and commercial feasibility" of transporting a maximum of 2.5 million tonnes per annum of liquified CO2 by 2030, the release stated.
"Developing safe and reliable CO2 transportation services is a crucial step in developing large scale carbon capture, utilization and storage [CCUS] solutions," Chevron Shipping Co. president Mark Ross said in the release. "We are pleased to partner with MOL to explore commercially-ready solutions to focus on realizing this goal."
In September, Chevron joined a consortium with Air Liquide, Keppel Infrastructure and PetroChina to evaluate large-scale CCUS development and infrastructure in Singapore. The agreement with MOL is expected to build off of the consortium's energy transition targets.
In addition to the consortium, Chevron was recently granted an interest in three offshore Australian greenhouse gas assessment permits, which are also expected to advance the company's partnership with MOL.
"We expect this agreement with MOL to advance the technical and commercial foundations for a regional approach to CCUS, which could provide progress toward the region’s net-zero ambitions," Chevron New Energies vice president, CCUS Chris Powers said. "No single entity has all the solutions, but genuine collaboration can help us unlock opportunities as we advance our shared goal of a lower carbon future."
"As a developer and a provider of social infrastructure service in addition to traditional shipping, MOL is honored and excited to have an opportunity to collaborate with Chevron for opening up CCUS solutions in the Asia Pacific region," MOL CEO Yasuchika Noma added. "We hope to expand our collaboration to wider areas of solutions for decarbonization including CCUS and renewable energies globally."
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