Woodside Energy has signed a non-binding Memorandum of Understanding (MOU) with three Japanese companies to enable studies of a potential carbon, capture and storage (CCS) value chain between Japan and Australia.

Under the MOU, Sumitomo Corporation, Toho Gas Co., Ltd. and Kawasaki Kisen Kaisha, Ltd. will study the capture, storage and transportation of carbon dioxide (CO2) emissions by industry in the Chubu region of Japan.

Woodside will conduct the study of injection and storage of the CO2 at Australian storage sites.

Woodside Executive Vice President Shaun Gregory said the MOU reflected the demand for largescale and near-term decarbonisation solutions.

“Woodside sees CCS as an opportunity, which will require coordination and collaboration – between jurisdictions, across government and between government and industry. CCS has the potential to provide a pathway for industry in the region to decarbonise.  Japan is one such country that faces the challenge of emissions reduction and will foreseeably look to near-neighbour nations to support their efforts,” said Gregory.

The company will continue with the development of its sustainable offsets portfolio in support of their climate goals — investing in new energy products and low-carbon services their customers’ needs as they decarbonise.

This includes progressing opportunities such as CCS, as well as carbon capture and utilisation.

The company has targeted a $5 billion investment in new energy products and lower-carbon services by 2030.