Chevron Australia Buys Stakes In Three Offshore Carbon Capture Projects  

Chevron Australia Gets Interest In Three Offshore Carbon Capture Projects  - Carbon Herald
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Chevron Australia has gained stakes in three blocks for carbon capture and storage (CCS) projects that span nearly 7.8 million acres. Two of the greenhouse gas (GHG) assessment permits are for the Carnarvon Basin off the northwestern coast and one is for the Bonaparte Basin in the Northern Territory. 

“Chevron has a unique set of capabilities and relationships to support the further deployment of carbon capture and storage in Australia,” said Mark Hatfield, managing director of the  Australia Business Unit at Chevron. “We look forward to working with our venture participants to assess the greenhouse gas storage potential within these titles, which we hope will benefit Australia and the region for years to come.”

Chevron mainly uses large-scale decarbonization hubs to bring down company emissions. The energy corporation partners with third-party emitters and customers for carbon offsets, green fuels, and hydrogen. 

CCUS will play a crucial role in meeting net zero targets “in almost any scenario,” said Chris Powers, vice president of CCUS for Chevron New Energies. The technology will be especially important in bringing down emissions for hard-to-abate, energy-intensive industries, such as liquified natural gas (LNG), steel, and cement, he also said. 

Relevant: Chevron Invests In Carbon Clean To Reduce Costs Of CO2 Capture

Chevron operates the Gorgon and Wheatstone projects in Australia, which collectively shipped 87 LNG cargoes in the first six months of this year. 

In 2021, Chevron committed to spending $29 million together with its partners on lower carbon projects in Western Australia, a move necessary to offset penalties for failing to capture enough emissions in the Gorgon export project. 

One of the world’s biggest integrated energy corporations, Chevron specializes in producing crude oil and natural gas, and in manufacturing transportation fuels, lubricants, petrochemicals, and additives. The company is increasingly focused on building lower CO2 businesses along with its traditional business operations. 

Read more: Chevron’s Project Gorgon Mistake Could Cost Over $180 Million

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