AUSTRALIA — Chevron Corporation has secured a new greenhouse gas (GHG) assessment permit offshore Western Australia, bolstering its carbon capture and storage (CCS) portfolio in the region.
The permit, designated G-18-AP, covers an area of approximately 8,467 square kilometres with water depths ranging from 50 to 1,100 metres off the coast of Onslow.
The permit will be operated by Chevron Australia New Ventures Pty Ltd, a subsidiary of Chevron Corporation, as part of a joint venture with Woodside Energy Ltd. Chevron will hold a 70 per cent participating interest, while Woodside will retain a 30 per cent stake.
Additionally, Chevron has agreed to farm down 5 per cent of its equity to GS Caltex of Korea, pending regulatory approvals.
This new permit aligns with Chevron’s strategy to deliver lower-carbon energy solutions.
The area will be evaluated as a potential hub for storing third-party emissions, including those from Chevron’s operated LNG assets.
Chris Powers, Vice President of CCUS & Emerging for Chevron New Energies, highlighted the significance of this development: “Chevron, along with our joint venture participants, have a unique set of assets, capabilities and customer relationships to support the further assessment, development and deployment of carbon capture and storage in Australia.”
The G-18-AP permit complements Chevron’s existing CCS assets in Australia, including:
- Non-operated interests in permits G-9-AP, G-10-AP, and G-11-AP
- The Chevron-operated Gorgon CCS project, which has already captured and stored 10 million tonnes of CO2-equivalent
Mark Hatfield, Managing Director of Chevron Australia, emphasised the potential benefits: “These opportunities have the potential to help us lower the carbon intensity of our own operations as well as provide opportunities to help our customers reduce or offset emissions from their activities.”
The International Energy Agency has stressed the critical role of carbon capture, utilisation, and storage (CCUS) in achieving global net-zero emissions targets.
According to their report, “reaching net zero will be virtually impossible without CCUS”.
As Chevron continues to expand its CCS portfolio in Australia, this latest permit acquisition represents a significant step towards developing sustainable energy solutions and contributing to global climate goals.