Agreement could help unlock Japan’s
significant geothermal potential
Chevron New Energies International Pte, Ltd. (Chevron), and
Mitsui Oil Exploration Co., Ltd (MOECO) today announced the signing
of a Joint Collaboration Agreement to explore the technical and
commercial feasibility of advanced geothermal power generation in
Japan.
Building on Chevron and MOECO’s long-standing relationship, the
new collaboration will study geothermal resource potential across
Japan and will evaluate the effectiveness of Advanced Closed Loop
(ACL) technology for a future joint pilot project in Japan. Both
companies may also assess potential collaboration for advanced
geothermal technology opportunities using ACL globally.
Unlike conventional geothermal projects, which use traditional
steam turbines requiring high temperatures often found in
concentrated locations limited by geological characteristics, ACL
can potentially enable access to geothermal resources at a wider
range of temperatures and geologies through the application of
alternative technology above and below the surface.
“Chevron and MOECO share a goal of delivering lower carbon
energy solutions, while meeting the need for reliable, affordable
energy,” said Barbara Harrison, vice president of Offsets &
Emerging, Chevron New Energies. “This collaboration provides an
opportunity for Chevron to combine its subsurface capabilities and
technologies with MOECO’s intimate knowledge of Japan’s geothermal
potential resource geology and its long history of responsible
resource development. The joint team will have the opportunity to
test emerging geothermal technology in a real world setting with
significant scaling up potential.”
“MOECO entered the geothermal business in 2012 and has been
expanding its geothermal portfolio since then. In parallel with
conventional geothermal, we have been studying ACL technology for
many years and we believe this collaboration with Chevron utilizing
ACL technology could unlock tremendous geothermal resources in
Japan,” said Hirotaka Hamamoto, CEO of MOECO. “This joint
collaboration with Chevron, who has been a valued partner of MOECO
for several decades in the energy industry, is intended to open a
new chapter in the geothermal industry as MOECO aims to continue
contributing to an environmentally sustainable world as a member of
the Mitsui & Co.’s group companies.”
About Chevron
Chevron (NYSE: CVX) is one of the world’s leading integrated
energy companies. We believe 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 enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and growing lower carbon businesses along with our traditional
business lines. More information about Chevron is available at
www.chevron.com.
About MOECO
MOECO celebrated its milestone 50th anniversary in 2019. MOECO
has been continually devoted to the exploration, development and
production of energy resources globally building from the
development of our gas projects in offshore Thailand. MOECO now
embraces the challenge that comes with the world entering into a
new era where society’s demands for energy are rapidly changing. We
renew our commitment towards delivering energy resources that will
strive to meet the demands of a changing society through our global
expansion including the continued development of our geothermal
business as one of the core group companies of Mitsui & Co.’s
energy business value chain. More information about MOECO is
available at www.moeco.com.
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FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
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version on businesswire.com: https://www.businesswire.com/news/home/20220925005050/en/
Chevron New Energies Creighton Welch
CreightonWelch@chevron.com
MOECO PR team, Corporate Strategy & Planning Division
https://www.moeco.com/contact/contact/index.html
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