Chevron Australia New Ventures and Woodside Energy have been awarded a greenhouse gas (GHG) assessment permit offshore from Onslow, Western Australia.
Under the Joint Venture arrangements, Chevron will hold a 70 per cent participating interest and Woodside will hold a 30 per cent participating interest in the permit, which is located in the Northern Carnarvon Basin offshore Onslow, where the Chevron-operated Wheatstone natural gas facility is located.
The permit area, which covers approximately 8,467 km² with water depths of 50-1,100 metres, will be evaluated as part of a hub for storing third party emissions, including those from Chevron’s operated LNG assets.
David Fallon, Energy Transition General Manager at Chevron Australia, said the permit has the potential to help operations they we aim to deliver lower carbon energy to a growing world.
“With decades of safe and reliable operational experience, and extensive subsurface knowledge, the Joint Venture is well positioned to assess the storage potential of the permit and evaluate a hub model for third party emissions.”
Chevron has agreed to farm down five percent of its equity in the permit to GS Caltex (GSC) of Korea. GSC’s entry into the permit is conditional on regulatory approvals and other matters.
Menno Weustink, Vice President, of New Energy, APAC, at Woodside, said Woodside’s view is that carbon capture and storage has an important role to play in the global energy transition.
“This permit is aligned with our strategy to develop lower carbon solutions and could contribute to achieving greenhouse gas emission reduction targets.”
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