Chevron and MOL to study CO₂ shipping from Singapore to Australia

Source: press release, 10 November 2022

At the signing ceremony in Singapore were Mr. Chris Powers, Vice President, Carbon Capture Utilisation and Storage, Chevron New Energies, and Yasuchika Noma, Executive Officer of MOL
At the signing ceremony in Singapore were Mr. Chris Powers, Vice President, Carbon Capture Utilisation and Storage, Chevron New Energies, and Yasuchika Noma, Executive Officer of MOL (photo: Business Wire/Chevron)

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

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 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,” says 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,” says 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 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,” says Yasuchika Noma, Executive Officer of MOL.