Chevron and MOECO to Develop Advanced Geothermal Technology
Chevron New Energies International Pte, Ltd. (Chevron) and Mitsui Oil Exploration Co., Ltd. (MOECO) signed a Joint Collaboration Agreement to study the technical and commercial feasibility of advanced geothermal power generation in Japan.
The new collaboration will study geothermal resource potential across Japan and evaluate the effectiveness of Advanced Closed Loop (ACL) technology for a future joint pilot project in Japan, building on Chevron and MOECO's long-standing relationship. Both companies may also explore global collaboration possibilities for innovative geothermal technologies using ACL.
Unlike traditional geothermal projects, which use conventional steam turbines that require high temperatures and are often found in concentrated locations limited by geological characteristics, ACL has the potential to enable access to geothermal resources at a broader range of temperatures and geologies through the use of alternative technology above and below the surface.
Barbara Harrison, vice president of Offsets & Emerging, Chevron New Energies, said:
"Chevron and MOECO share a goal of delivering lower-carbon energy solutions while meeting the need for reliable, affordable energy. This collaboration allows Chevron to combine its subsurface capabilities and technologies with MOECO’s intimate knowledge of Japan's geothermal potential resource geology and its long history of responsible resource development. The joint team will have the opportunity to test emerging geothermal technology in a real-world setting with significant scaling up potential."
Hirotaka Hamamoto, CEO of MOECO, said:
"MOECO entered the geothermal business in 2012 and has been expanding its geothermal portfolio since then. In parallel with conventional geothermal, we have been studying ACL technology for many years. We believe this collaboration with Chevron utilising ACL technology could unlock tremendous geothermal resources in Japan. This collaboration with Chevron, who has been a valued partner of MOECO for several decades in the energy industry, is intended to open a new chapter in the geothermal industry as MOECO aims to continue contributing to an environmentally sustainable world as a member of the Mitsui & CO's group companies."