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Agreement Helps Unlock Japan’s Huge Geothermal Potential
TOKYO–(BUSINESS WIRE)–Chevron New Energy International Pte. Ltd. (Chevron) and Mitsui Petroleum Exploration Co., Ltd. (MOECO) today announced the signing of a joint cooperation agreement to explore technologies for advanced geothermal power generation in Japan and commercial viability.
Building on Chevron and MOECO’s longstanding partnership, the new collaboration will study geothermal resource potential across Japan and will evaluate the effectiveness of advanced closed loop (ACL) technology in future joint pilot projects in Japan. The two companies can also evaluate potential collaborations to use ACL’s advanced geothermal technology opportunities globally.
Unlike traditional geothermal projects, which use traditional steam turbines that require high temperatures and are often found in concentrated locations limited by geological features, ACLs can be obtained over a wider range of temperatures and geological conditions by applying alternative technologies above and below the surface geothermal resources.
“Chevron and MOECO share the goal of providing low-carbon energy solutions while meeting the need for reliable, affordable energy,” said Barbara Harrison, vice president of offset and emerging businesses at Chevron New Energy. “This collaboration provides an opportunity for Chevron to combine its subsurface capabilities and technologies with MOECO’s deep knowledge of geothermal potential resource geology in Japan and its history of responsible resource development. The combined team will have the opportunity to significantly expand Potential real-world environments to test emerging geothermal technologies.”
“MOECO entered the geothermal business in 2012 and has been expanding its geothermal product portfolio since then. In addition to conventional geothermal, we have been working on ACL technology for many years and we believe our partnership with Chevron utilizing ACL technology can unlock the huge potential of Japan’s geothermal resources,” said MOECO CEO Hirotaka Hamamoto. “This collaboration with Chevron, which has been a valued MOECO partner in the energy industry for decades, aims to open a new chapter in the geothermal industry as MOECO aims to continue to contribute to an environmentally sustainable world. Contribute. Mitsui & Co.’s group company.”
Chevron (NYSE: CVX) is one of the world’s leading integrated energy companies. We believe affordable, reliable and cleaner energy is critical 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 enhance our business and industry. We are focused on reducing the carbon intensity of our operations and developing low-carbon businesses alongside traditional business lines. For more information about Chevron, visit www.chevron.com.
In 2019, MOECO celebrated its milestone 50th anniversary. MOECO has been dedicated to the exploration, development and production of energy resources around the world, starting with the development of our natural gas projects offshore Thailand. MOECO is now meeting the challenges posed by the world entering a new era in which society’s demands for energy are rapidly changing. We reaffirm our commitment to strive to meet the needs of a changing society through our global expansion, including the continued development of our geothermal business, one of the core group companies in the value chain of Mitsui & Co.’s energy business. For more information on MOECO, visit www.moeco.com.
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This press release contains forward-looking statements regarding Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections for the petroleum, chemical and other energy-related industries. words or phrases such as “anticipate,” “anticipate,” “intend,” “plan,” “target,” “promote,” “commit,” “drive,” “target,” “forecast,” “project,” etc., “believe”, “approach”, “seek”, “plan”, “estimate”, “position”, “pursue”, “may”, “could”, “could”, “should”, “will”, “budget” , “Outlook”, “Trend”, “Guidance”, “Focus”, “On Track”, “Goal”, “Goal”, “Strategy”, “Opportunity”, “Potential”, “Potential”, “Aspiration,” “, “desire” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Accordingly, actual results and results may differ materially from those expressed or projected in such forward-looking statements. Readers should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Chevron undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Important factors that could cause actual results to differ materially from those in the forward-looking statements include: changing crude oil and natural gas prices and demand for the Company’s products, and production cuts due to market conditions; OPEC and other producing countries may Implemented crude oil production quotas or other actions; technological advancements; changes in government policies in the countries in which the company operates; public health crises, such as epidemics (including coronavirus (COVID-19)) and pandemics, and any related government policies and actions; disruption to the company’s global supply chain, including supply chain restrictions the rising cost of goods and services; the changing economic, regulatory and political environment in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such a conflict; Altering refining, marketing and chemical profits; Competitor or regulator behavior; Timing of exploration expenses; Timing of crude oil pickups; Competitiveness of alternative energy or product alternatives; Development of large carbon capture and offset markets; Corporate suppliers , suppliers, partners and equity affiliates’ operating results and financial condition, particularly during the COVID-19 pandemic; the inability or inability of the company’s joint venture partners to fund their share of operations and development activities; existing and Future crude oil and natural gas development projects may not achieve expected net production; potential delays in the development, construction, or start-up of planned projects; due to war, accident, political event, civil unrest, severe weather, cyber threats, acts of terrorism or events beyond the Company’s control Potential disruption or disruption of company operations due to other natural or man-made causes; Potential liability for remedial action or assessment under existing or future environmental regulations and litigation; Existing or future environmental regulations and regulations (including international agreements and national or regional legislation) and regulatory measures) to take or require significant operational, investment, or product changes to limit or reduce greenhouse gas emissions; potential liability arising from pending or future litigation; future acquisitions or disposals of assets or shares by the company, or delays in such transactions or Failure to complete in accordance with stated closing conditions; Potential gains and losses on asset disposals or impairments; Government-mandated sales, divestitures, recapitalizations, tax and tax audits, tariffs, sanctions, changes in fiscal terms, or restrictions on the company’s business scope; and U.S. dollars Changes in foreign exchange compared to; substantial reduction in corporate liquidity and access to debt markets; received board authorization required to execute capital allocation strategy, including future share repurchase programs and dividend payments; promulgated by rule-making body GAAP, the impact of changing accounting rules; the company’s ability to identify and mitigate the risks and hazards inherent in its operations in the global energy industry; and the heading “Risk Factors” on pages 20 through 25 of the company’s 2021 Annual Report on Form 10-K factors listed below and in subsequent SEC filings. Other unpredictable or unknown factors not discussed in this press release could also materially and adversely affect forward-looking statements.
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Chevron New Energy
PR Team, Corporate Strategy and Planning Department
Source: Chevron Corporation