Japan's J-Power partners with Australia's carbon capture developers
07/08/2024 13:40
TOKYO, Aug 7 (Reuters) - Japanese utility Electric Power
Development (J-Power) 9513.T has signed a joint study
agreement with two Australian carbon capture and storage
developers, deepC Store and Azuli, for a strategic partnership,
they said on Wednesday.
The two Australian companies have been awarded two
greenhouse gas assessment permits, or GHG acreages, in the
Bonaparte and Browse Basins, some 200-250 km off Australia's
Northwest coast.
Through the partnership, the three companies aim to
commercialize a project to capture carbon dioxide (CO2) emitted
in Japan, Australia and the surrounding region and store it in
Australia, they said in a statement.
J-Power intends to become a joint venture participant in the
GHG acreages, which could permanently store up to 1 billion
metric tons of CO2.
The Japanese utility will also make a cash contribution to
the joint study and secure rights to a participating interest in
the venture developing the GHG acreages.
The three companies aim to develop a full value chain
project, receiving liquefied CO2 at locations in Japan,
Australia and the surrounding region, and transporting it by
ship to floating storage and injection facilities in Australian
waters, they said.
Australia, one of the world's largest liquefied natural gas
exporters, is banking on CCS technology to decarbonise its
industries and continue expanding its LNG production to meet
demand from top buyers such as Japan and South Korea.
(Reporting by Yuka Obayashi; Editing by Jan Harvey)
((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))