TOKYO–(BUSINESS WIRE)–September 25, 2022–
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 the technical and commercial viability of advanced geothermal power generation in Japan.
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 conventional 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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Contact: Chevron New Energy
PR Team, Corporate Strategy and Planning Department
Keywords: United States Japan North America Asia Pacific California
Industry Keywords: Other Energy Environment Oil/Gas Sustainability Alternative Energy Green Technology Energy
Source: Chevron Corporation
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PUB: September 25, 2022 9:00pm / Disc: September 25, 2022 9:02pm