Chevron New Energies (Chevron), a division of Chevron U.S.A. Inc., and JERA Co., Inc. (JERA) have signed a Memorandum of Understanding (MOU) that provides a framework for collaboration on carbon capture and storage (CCS) projects located in the US and Australia.
What are the terms of the MOU?
This Memorandum of Understanding has the potential to expand the significant liquid natural gas (LNG) relationship that Chevron and JERA have today, and further demonstrates the commitment and dedication both companies have to advancing lower carbon solutions.
This furthers the collaboration between the firms in the lower carbon space, following the November 2022 announcement of their collaboration on the potential co-development of lower carbon fuel in Australia and study of liquid organic hydrogen carriers (LOHC) in the US.
What does the partnership mean for Chevron and JERA?
“We have a long-standing LNG relationship with JERA that continues to progress, with the intent of bringing affordable, reliable, and ever-cleaner solutions to our customers,” said Chris Powers, Vice President of Carbon Capture Utilization and Storage at Chevron.
“We have deep experience and capability in subsurface and are actively developing CCS projects around the world. We understand that without long-term relationships like the one we have with JERA, we wouldn’t be able to develop these resources and move at the pace we have been moving to further our energy transition goals,” Chris Powers further said.
Gaku Takagi, Executive Officer, Head of the Resource Procurement & Investment Division of JERA, said, “Under its ‘JERA Zero CO2 Emissions 2050’ objective, JERA has been working to reduce CO2 emissions from its domestic and overseas businesses to zero by 2050.”
“JERA and Chevron have worked together to bring reliable LNG to our clients over the years, and this CCS collaboration further demonstrates our strong commitment to advance lower carbon solutions. Chevron brings significant expertise and experience in the CCS business, so we look forward to working together as we aim to transition to a decarbonized society.”