JX Nippon Oil & Gas Exploration Corporation and Chevron New Energies, a division of US oil and gas company Chevron, said that they have signed a memorandum of understanding.
The memorandum provides a framework to evaluate the export of carbon dioxide (CO2) from Japan to carbon capture and storage projects located in Australia and other countries in the Asia-Pacific region, the companies said.
According to the companies, the main objective of the memorandum is to evaluate the feasibility of the carbon capture and storage value chain.
That includes capture of CO2 emitted from industries located in Japan, among them JX's affiliates, and transportation by ship from Japan to Chevron's greenhouse gas storage portfolio in Australia.
The collaboration will also explore the opportunity to develop suitable trans-boundary policies and the potential development of carbon dioxide storage sites in other countries in the Asia Pacific region.