Chevron Corp (NYSE:CVX) shares are trading higher today. The company, through Chevron Australia New Ventures, has been granted a greenhouse gas (GHG) assessment permit offshore Western Australia.

The permit involves a joint venture with Chevron as the operator, holding a 70% interest, and Woodside Energy Group Ltd – ADR (NYSE:WDS) with a 30% interest.

Chevron will transfer 5% of its stake to GS Caltex (GSC) of Korea, pending regulatory approvals and other conditions.

The G-18-AP permit, located offshore from Onslow, Western Australia, spans about 8,467 km² with depths ranging from approximately 164 feet to 3,281 feet (50 to 1,100 meters).

The area will be used to evaluate a hub for storing third-party emissions, ...