Chevron Corporation (NYSE:CVX), through its Chevron New Energies International Pte. Ltd. (Chevron) subsidiary, and Mitsui O.S.K. Lines, Ltd. (MOL) today 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.

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Chevron and MOL have signed a Joint Study Agreement to explore the feasibility of transporting liquified carbon dioxide from Singapore to permanent storage locations offshore Australia. At the signing ceremony in Singapore were Mr. Chris Powers, Vice President, Carbon Capture Utilization and Storage, Chevron New Energies, and Mr. Yasuchika Noma, Executive Officer of MOL. (Photo: Business Wire)

Under the JSA, Chevron and MOL will explore the technical and commercial feasibility of initially transporting up to 2.5 million tonnes per annum (Mtpa) of liquified CO₂ by 2030.

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.

"Developing safe and reliable CO₂transportation services is a crucial step in developing large scale Carbon Capture, Utilization, and Storage (CCUS) solutions. We are pleased to partner with MOL to explore commercially-ready solutions to focus on realizing this goal," said Mark Ross, president of Chevron Shipping Company.

"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," said Chris Powers, vice president, CCUS, Chevron New Energies.

"As a developer and a provider of social infrastructure service in addition to traditional shipping, MOL is honored 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 decarbonization including CCUS and renewable energies globally," said Yasuchika Noma, Executive Officer of MOL.

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 MOL

Mitsui O.S.K. Lines is a global leading shipping company operating about 800 ships across the world, headquartered in Japan. MOL develops various social infrastructure businesses centering on ocean shipping, technologies and services to meet ever-changing social needs including environmental protection. MOL fleet includes dry cargo ships, liquefied natural gas carriers, Ro-Ro car carrier ships, oil tankers, etc. In addition to the traditional shipping businesses, MOL offers social infrastructure businesses such as real estate, terminal and logistics, offshore wind power, and associated businesses. With one of the largest merchant fleets, 130-plus years of history, experience, and technology, MOL group aims to be a strong and resilient corporate group that provides new value to all stakeholders. For more information about Mitsui O.S.K. Lines, Ltd, please visit https://www.mol.co.jp/en/index.html.

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Chevron and MOL to study CO2 shipping from Singapore to Australia