- MOL and JX Nippon Oil & Gas have entered a MoU to collaborate.
- Capture CO2 emissions from the ENEOS refinery.
- CCS technology captures and stores CO2 emissions from industrial activities underground.
MOL and JX Nippon Oil & Gas Exploration Corporation have entered a memorandum of understanding (MoU) to collaborate on developing a Carbon dioxide Capture and Storage (CCS) value chain between Japan and Australia, reports MOL.
Key Focus Areas
- CCS Value Chain Establishment.
- Capture CO2 emissions from the ENEOS refinery and nearby industries in Japan.
- Transport CO2 by carrier to Port of Bonython, Australia.
- Inject and store CO2 at selected storage sites.
Joint Studies
MOL: Focus on selecting suitable liquefied CO2 carriers and estimating marine transport costs.
JX: Estimate the cost of the entire CCS value chain between Japan and Australia.
Significance of CCS
CCS technology captures and stores CO2 emissions from industrial activities underground, promoting decarbonization and realizing a carbon-neutral society.
Particularly beneficial for industrial sectors facing challenges in transitioning to renewable energy.
MOL Group Vision
Develop social infrastructure businesses alongside shipping, meeting evolving environmental needs with innovative technology.
CCS/CCUS Business
Aligned with MOL Group Vision, BLUE ACTION 2035 management plan, and MOL Group Environmental Vision 2.2, focusing on expanding low-carbon/decarbonized business and contributing to sustainable development.
JX Business Strategy
CCS is a key initiative alongside conventional oil and natural gas development, aiming for environmentally friendly operations.
Petra Nova CCUS Project
An example of JX’s leadership in commercializing CCS projects, contributing to a carbon-neutral society by utilizing CO2 recovered from thermal power plant exhaust gas to increase crude oil production.
Note on CCUS
CCUS (Carbon dioxide Capture, Utilization, and Storage) focuses on generating new commodities and energy while capturing and storing CO2 emissions.
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Source: MOL
