JAPAN — In a significant move towards decarbonisation, INPEX CORPORATION and Chubu Electric Power Co., Inc. have signed an agreement to jointly study the feasibility of establishing a carbon capture and storage (CCS) value chain between Japan and Australia.
The collaboration, announced on October 21, 2024, aims to capture CO2 in Japan and transport it from the Port of Nagoya in Aichi Prefecture to offshore reservoirs in Australia for storage.
INPEX, through its subsidiary INPEX Browse E&P Pty Ltd, was awarded a greenhouse gas storage assessment permit in the Bonaparte Basin off the northwestern coast of Australia’s Northern Territory in 2022.
This project, developed in partnership with TotalEnergies CCS Australia Pty Ltd and Woodside Energy Ltd, is set to begin CO2 injection around 2030.
The CCS initiative is expected to play a crucial role in the Darwin-based carbon capture, utilisation and storage (CCUS) Hub proposed by the Northern Territory government.
INPEX’s Ichthys LNG project is anticipated to be a primary user of this CCS solution as it works to reduce its greenhouse gas emissions.
Chubu Electric Power, aiming for net-zero CO2 emissions from its operations by 2050, has been exploring CCUS possibilities in the Port of Nagoya area to contribute to regional decarbonisation.
By joining forces with INPEX, the company expects to make significant strides in building a robust CCS value chain.
INPEX views this collaboration as an opportunity to advance its commitment to reshaping the energy landscape and contributing to a net-zero carbon society by 2050.
The company’s Long-term Strategy and Medium-term Business Plan (INPEX Vision@2022) identifies CCUS as one of five key net-zero business areas, with a target to achieve an annual CO2 injection volume of 2.5 million tonnes or more by around 2030.
This joint study represents a significant step towards establishing an international CCS value chain, potentially setting a precedent for future cross-border collaborations in carbon capture and storage.
As both companies work towards their respective decarbonisation goals, the success of this project could have far-reaching implications for the energy sector and climate change mitigation efforts in both Japan and Australia.
The partnership between INPEX and Chubu Electric Power demonstrates the growing importance of international cooperation in addressing global climate challenges.
As the feasibility study progresses, it will be crucial to monitor its outcomes and potential impact on the broader adoption of CCS technologies in the Asia-Pacific region.
