Chevron and MOL to Explore CO2 Shipping

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Picture of Chevron and MOLs Plan to Explore CO2 Shipping Between Singapore and Australia

Chevron Corporation announced the signing of a Joint Study Agreement (JSA) on the feasibility of transporting liquified carbon dioxide (CO2) from Singapore to permanent storage locations offshore Australia through its Chevron New Energies International Pte. Ltd. (Chevron) subsidiary and Mitsui O.S.K. Lines, Ltd. (MOL).

Chevron and MOL will study the technical and commercial viability of initially transporting up to 2.5 million tonnes per annum (Mtpa) of liquified CO2 by 2030 under the JSA.

The JSA will complement work to be advanced by a recently announced consortium to explore solutions for large-scale carbon capture, transport and permanent storage of CO2 from Singapore. Through its part in three joint ventures, Chevron was also recently granted an interest in three greenhouse gas assessment permits offshore Australia.

Mark Ross, president of Chevron Shipping Company, said:

"Developing safe and reliable CO2 transportation services is a crucial step in developing large-scale Carbon Capture, Utilisation, and Storage (CCUS) solutions. We are pleased to partner with MOL to explore commercially-ready solutions to focus on realising this goal."

Chris Powers, vice president CCUS, Chevron New Energies, said:

"We expect this agreement with MOL to advance the technical and commercial foundations for a regional approach to CCUS, which could provide progress toward the region’s net-zero ambitions. No single entity has all the solutions, but genuine collaboration can help us unlock opportunities as we advance our shared goal of a lower carbon future."

Yasuchika Noma, Executive Officer of MOL, said:

"As a developer and a provider of social infrastructure service in addition to traditional shipping, MOL is honoured and excited to have an opportunity to collaborate with Chevron for opening up CCUS solutions in the Asia Pacific region. We hope to expand our collaboration to wider areas of solutions for decarbonisation, including CCUS and renewable energies globally."

Source: Chevron

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