Chevron (NYSE:CVX) will contribute a combined A$38 million (US$26.4 million) to carbon capture and storage (CCS) research projects in Western Australia and Victoria, advancing knowledge of the critical emissions technology for a lower carbon future.
Of the total contribution, A$22 million has been committed to the Barrow Dampier CCS Regional Study, which is led by global technology company Schlumberger, known as SLB, and supports a three-dimensional seismic and storage assessment to identify new CCS opportunities in the Carnarvon basin, offshore Western Australia, reported Chevron.
Chevron said it has also committed $16 million to support development of new infrastructure at the Otway International Test Centre in Victoria. The project, which is managed by Australian carbon capture and storage (CCS) research organisation, CO2CRC, will enable testing of carbon dioxide migration and validation of new modelling techniques that could improve storage processes in future CCS projects.
Chevron Australia general manager asset development Michelle LaPoint said the company was committed to advancing the deployment of CCS technology in Australia.
“Chevron has decades of operational experience, a proven track record of carbon-capture projects and is already deploying CCS technologies in locations across the globe, including at Gorgon in Western Australia, one of the world’s largest integrated CCS projects,” LaPoint said.
“Our experience continues to reaffirm our confidence in the emissions reduction opportunities of CCS and we’re proud to support SLB and CO2CRC in projects that will advance research into this critical technology.”
CO2CRC CEO Dr Matthias Raab welcomed Chevron’s investment.
“The funding provided by Chevron, a Foundation Member of CO2CRC, ensures that The Otway International Test Centre remains as critical national research infrastructure for applied research into CCS, an essential low emission technology that will support Australia’s energy transition towards net zero,” Dr Raab said.
When completed, the two projects will satisfy Chevron’s expenditure commitments under a Good Standing Agreement entered into by Chevron Australia Pty Ltd and the Joint Authority for the Commonwealth/South Australia offshore area with respect to Exploration Permits EPP44 and EPP45 in the Great Australian Bight.