Chevron Secured New GHG Assessment Permit in Australia

Chevron Corporation's (NYSE: CVX) subsidiary, Chevron Australia New Ventures Pty Ltd, secured a significant greenhouse gas ("GHG") assessment permit for offshore Western Australia. This permit strengthens CVX's commitment to providing lower-carbon energy solutions. The company's strategic focus on carbon capture and storage ("CCS") initiatives to meet the growing global demand for energy while reducing carbon emissions is also highlighted. Overview of the G-18-AP Permit The newly awarded G-18-AP permit covers an expansive offshore area of approximately 8,467 square kilometers, located near Onslow, Western Australia. Water depth in the area ranges from 50 meters to 1100 meters, making it a key region for CVX's exploration of carbon storage capabilities. This permit will be evaluated as part of a larger hub designed for storing third-party emissions, including those generated by CVX's liquefied natural gas ("LNG") operations. The strategic importance of this permit cannot be overstated. As part of a joint venture, CVX will hold a 70% interest, while Woodside Energy Ltd., an Australian oil and gas exploration and production company, will hold the remaining 30% stake. In addition, CVX has agreed to farm down 5% of its equity in the permit to GS Caltex of Korea, subject to regulatory approval. This partnership not only broadens CVX's operational footprint but also aligns with its objective to leverage global expertise and resources for CCS deployment. Significance of CSS in Australia's Energy Future CCS is increasingly recognized as a critical technology in the global push to achieve net-zero emissions by 2050. According to the International Energy Agency, achieving global net-zero goals will be virtually impossible without large-scale adoption of CCS technologies. This permit is set to play a crucial role in this context by expanding CVX's portfolio of CCS assets in Australia, alongside its existing Gorgon CCS project. The Gorgon CCS facility, one of the world's largest integrated CCS projects, has already captured and stored 10 million tones of CO2 equivalent. The addition of this permit enhances CVX's ability to contribute significantly to global efforts, aimed at reducing greenhouse gas emissions. As a leader in this space, CVX's continued focus on CCS ...