Chevron Interested in Three Permits to Assess Carbon Storage Off Australia | Company

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PERTH, Australia–(BUSINESS WIRE)–Sept. 8, 2022–

Chevron Corporation (NYSE: CVX), through its subsidiary Chevron Australia Pty Ltd, is one of three joint ventures that have secured an interest in three greenhouse gas assessment permits offshore Australia.

The blocks, including two in the Carnarvon Basin off the northwest coast of Western Australia and one in the Bonaparte Basin off the Northern Territory, total over 31,500 sq km or nearly 7, 8 million acres – an area larger than Belgium.

“Chevron has a unique set of capabilities and relationships to support the further deployment of carbon capture and storage in Australia,” said Mark Hatfield, general manager of Chevron’s Australia business unit. “We look forward to working with our company participants to assess the potential for storing greenhouse gases within these securities, which we hope will benefit Australia and the region for years to come. coming.”

As part of its global low-carbon strategy, Chevron is focused on carbon capture, utilization and storage (CCUS) – primarily through hubs with third-party emitters as partners and customers – renewable fuels, l hydrogen, offsets and other emerging technologies.

“In almost any scenario, CCUS is expected to be essential to achieving the net zero ambitions of the Paris Agreement and is poised to play a crucial role in reducing carbon emissions in hard-to-reduce and hard-to-reduce industries. energy-intensive industries such as LNG, refining, petrochemicals, power, steel and cement,” said Chris Powers, CCUS Vice President for Chevron New Energies. “These and other companies have also the potential to help generate higher yields and reduce the carbon intensity of our own operations.We look forward to collaborating in these efforts.

Note to Editors:

Greenhouse gas assessment permit [G-10-AP] (1,762 km2 or 680 sq mi) involves a joint venture of Chevron Australia Pty Ltd, Woodside Energy Ltd (operator), BP Developments Australia Pty Ltd , Japan Australia LNG (MIMI) Pty Ltd, equally owned by Mitsubishi Corporation and Mitsui & Co., Ltd, and Shell Australia Pty Ltd.

Greenhouse gas assessment permit [G-9-AP] (3,589 sq km or 1,385 sq mi) involves a joint venture of Chevron Australia Pty Ltd and Santos Offshore Pty Ltd (operator).

Greenhouse gas assessment permit [G-11-AP] (26,239 sq km or 10,130 sq mi) involves a joint venture of Chevron Australia Pty Ltd, Santos Offshore Pty Ltd (operator) and a subsidiary of SK E&S.

About Herringbone

Chevron is one of the world’s leading integrated energy companies. We believe that affordable, reliable and ever cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that improve our business and the industry. We are focused on reducing the carbon intensity of our operations and growing low-carbon businesses alongside our traditional lines of business. More information about Chevron is available at www.chevron.com.

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Important factors that could cause actual results to differ materially from those set forth in the forward-looking statements include: changes in crude oil and natural gas prices and demand for the company’s products, and reductions production due to market conditions; crude oil production quotas or other measures that may be imposed by the Organization of the Petroleum Exporting Countries and other producing countries; technological advances; changes in government policies in the countries in which the company operates; public health crises, such as pandemics (including the coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions to the company’s global supply chain, including supply chain constraintsand escalating cost of goods and services; changes in the economic, regulatory and political environments in the various countries in which the company operates; general national and international economic, market and political conditions,including the military conflict between Russia and Ukraine and the global response to this conflict; changes in refining, marketing and chemicals margins; the actions of competitors or regulators; exploration expenditure schedule; crude oil lifting schedule; the competitiveness of alternative energy sources or product substitutes; the development of large carbon capture and offset markets; the operating results and financial condition of the company’s suppliers, vendors, partners and affiliates, particularly during the COVID-19 pandemic; the inability or failure of the Company’s joint venture partners to finance their share of operations and development activities; the potential inability to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; potential disruption or interruption of business operations due to war, accidents, political events, civil unrest, extreme weather, cyber threats, acts of terrorism or other causes natural or human beyond the company’s control; potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant changes in operations, investments or products undertaken or required by existing or future environmental laws and regulations, including international agreements and national or regional legislation and regulatory measures intended to limit or reduce greenhouse gas emissions Greenhouse ; potential liability resulting from pending or future litigation; future acquisitions or dispositions of assets or shares of the company or the delay or failure of such transactions depending on the required closing conditions; the potential for gains and losses resulting from disposals or write-downs of assets; sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in tax terms or government imposed restrictions; movements of foreign currencies against the US dollar; significant reductions in corporate liquidity and access to debt markets; receipt of required board approvals to implement capital allocation strategies, including future share buyback programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by regulatory bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under “Risk Factors” on pages 20-25 of the company’s 2021 Annual Report on Form 10-K and subsequent filings with the United States Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this press release could also have material adverse effects on the forward-looking statements.

Show source version on businesswire.com:https://www.businesswire.com/news/home/20220908006060/en/

CONTACT: Chevron New Energies

Creighton Welch

[email protected] Australia

Cam Van Ast

[email protected]

KEYWORD: AUSTRALIA/OCEANIA AUSTRALIA

KEYWORD INDUSTRY: OTHER ENERGY ENVIRONMENT OIL/GAS ENVIRONMENTAL PROBLEMS ENVIRONMENT HEALTH ENERGY

SOURCE: Chevron Corporation

Copyright BusinessWire 2022.

PUBLISHED: 08/09/2022 17:00/DISC: 08/09/2022 17:02

http://www.businesswire.com/news/home/20220908006060/en

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