Japanese oil company INPEX (TYO: 1605) has signed an agreement with local utility Chubu Electric Power (TYO: 9502) to jointly study the feasibility of establishing a Japan-Australia carbon capture and storage (CCS) value chain.
The project involves capturing carbon dioxide (CO2) in Japan and transporting it from the Port of Nagoya to Australia for storage, leveraging the INPEX Browse E&P subsidiary, according to a company statement by INPEX on Monday.
In 2022, INPEX, in partnership with TotalEnergies CCS Australia and Woodside Energy, was awarded a greenhouse gas (GHG) storage assessment permit in the Bonaparte Basin, off the northwestern coast of Australia’s Northern Territory.
The goal is to begin CO2 injection around 2030, potentially as a key part of the Darwin-based carbon capture, utilization, and storage (CCUS) hub proposed by the Northern Territory Government.
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A primary user of this CCS solution to reduce GHG emissions will be Ichthys LNG, a joint venture of INPEX (the operator with a 67.82% interest) and TotalEnergies (major partner with a 26% stake).
Chubu Electric Power, aiming for net-zero CO2 emissions by 2050, is assessing the feasibility of CCUS in the Port of Nagoya area to support regional decarbonization.
INPEX’s long-term strategy emphasizes CCUS as a critical area for achieving net-zero carbon emissions by 2050 while ensuring global energy demand is met.
The company aims to achieve an annual CO2 injection volume of 2.5 million tons by around 2030 and is focused on becoming a leader in CCUS development and commercialization.
Through this collaboration, INPEX and Chubu Electric Power aim to establish a CCS value chain that will contribute to Japan’s transition to a decarbonized society, according to the statement.
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