INPEX and Chubu Electric Power Sign Agreement to Jointly Study Feasibility of Japan-Australia CCS Value Chain
October 28, 2024
BY INPEX Corporation
INPEX CORPORATION (INPEX) announced it has signed an agreement with Chubu Electric Power Co., Inc. (Chubu Electric Power) through its subsidiary INPEX Browse E&P Pty Ltd to conduct a joint study to assess the feasibility of establishing a Carbon Capture and Storage (CCS) value chain involving the capture of CO2 in Japan and its transportation from the Port of Nagoya in Aichi Prefecture to Australia for storage.
INPEX was awarded a greenhouse gas storage assessment permit in the Bonaparte Basin off the northwestern coast of the Northern Territory of Australia with TotalEnergies CCS Australia Pty Ltd and Woodside Energy Ltd in 2022. This project aims to begin CO2 injection around 2030 and could represent a key component of the Darwin-based carbon capture, utilization and storage (CCUS) Hub (1) proposed by the Northern Territory Government. INPEX operated Ichthys LNG would be a natural user of this CCS solution as it seeks to reduce its GHG emissions.
Chubu Electric Power aims to achieve net zero CO2 emissions from its operations by 2050 and has been considering the feasibility of CCUS, based in and around the Port of Nagoya for the decarbonization of the region. By collaborating with Chubu Electric Power, INPEX expects to help build a CCS value chain and contribute to the transition to a decarbonized society.
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INPEX is working actively to redevelop the energy landscape for the purpose of helping create a net zero carbon society by 2050 while meeting energy demand in Japan and around the world. The company’s Long-term Strategy and Medium-term Business Plan (INPEX Vision@2022) announced in February 2022 positions CCUS as one of the five net zero business areas and sets a target of achieving an annual CO2 injection volume of 2.5 million tons or more by around 2030. INPEX seeks to become a leading company in the field of CCUS by pursuing technical development and commercialization.
1 - Low-emissions CCUS Hub business case under development by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) in collaboration with the Northern Territory Government, the INPEX-led Bonaparte CCS Project and other industry participants
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