Japanese oil and gas giant INPEX announced it has invested in the Dutch startup CarbonOro, which specializes in carbon capture technology.
The Dutch company has developed a solution that enables it to capture CO2 from industrial exhaust gasses at a higher pressure and at lower temperatures than existing alternatives, thus reducing the cost of the whole process.
Hence, INPEX sees CarbonOrO as a promising player in the emerging carbon industry and has chosen to support the startup and the future development of its carbon capture technology.
The move is in line with the strategy of Japan’s fossil fuel major to slash emissions and inject a minimum of 2.5 million metric of CO2 underground by 2030.
As part of this initiative, last month, INPEX signed an agreement with the Japan Organization for Metals and Energy Security (JOGMEC) to assess the carbon storage potential of the Bonaparte Basin in Australia.