Agreement could help unlock Japan's significant geothermal potential

Chevron New Energies International Pte, Ltd. (Chevron), and Mitsui Oil Exploration Co., Ltd (MOECO) today announced the signing of a Joint Collaboration Agreement to explore the technical and commercial feasibility of advanced geothermal power generation in Japan.

Building on Chevron and MOECO's long-standing relationship, the new collaboration will study geothermal resource potential across Japan and will evaluate the effectiveness of Advanced Closed Loop (ACL) technology for a future joint pilot project in Japan. Both companies may also assess potential collaboration for advanced geothermal technology opportunities using ACL globally.

Unlike conventional geothermal projects, which use traditional steam turbines requiring high temperatures often found in concentrated locations limited by geological characteristics, ACL can potentially enable access to geothermal resources at a wider range of temperatures and geologies through the application of alternative technology above and below the surface.

"Chevron and MOECO share a goal of delivering lower carbon energy solutions, while meeting the need for reliable, affordable energy," said Barbara Harrison, vice president of Offsets & Emerging, Chevron New Energies. "This collaboration provides an opportunity for 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."

"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 and we believe this collaboration with Chevron utilizing ACL technology could unlock tremendous geothermal resources in Japan," said Hirotaka Hamamoto, CEO of MOECO. "This joint 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."

About Chevron

Chevron (NYSE:CVX) is one of the world's leading integrated energy companies. We believe affordable, reliable, and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

About MOECO

MOECO celebrated its milestone 50th anniversary in 2019. MOECO has been continually devoted to the exploration, development and production of energy resources globally building from the development of our gas projects in offshore Thailand. MOECO now embraces the challenge that comes with the world entering into a new era where society's demands for energy are rapidly changing. We renew our commitment towards delivering energy resources that will strive to meet the demands of a changing society through our global expansion including the continued development of our geothermal business as one of the core group companies of Mitsui & Co.'s energy business value chain. More information about MOECO is available at www.moeco.com.

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Chevron and MOECO to Collaborate on Advanced Geothermal Technology