Chevron Deems Australia a Lucrative CO2 Sink for Asia
Chevron sees a lucrative opportunity in sinking Co2 emissions from Asia in Australia, citing the country’s favourable geology.
To further evaluate the potential to store carbon in Australia, the oil and gas supermajor plans to assess a project to permanently store CO2 from Singapore deep below the surface in Australia.
The Japanese company Mitsui O.S.K. Lines (MOL) will co-lead the project which involves shipping liquefied carbon dioxide from Singapore to different storage sites in offshore Australia.
Chevron Global Carbon Capture & Storage Vice-President Chris Powers said the project would likely provide an excellent economic opportunity for Australia as countries struggle to cut their emissions.
“Australia’s favorable geology could really be a lucrative opportunity to import emissions from these countries that are really not blessed with the same geology that Australians are blessed with,” he said.
Countries such as Korea, Singapore and Japan do not have geology conducive to CO2 sequestration. Therefore, they are looking to bury their CO2 elsewhere.