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Australia-headquartered Woodside Energy has signed a nonbinding memorandum of understanding (MoU) with four Japanese companies to enable studies of a potential carbon capture and storage (CCS) value chain between Japan and Australia.
Under the terms of the MoU, Woodside with Sumitomo Corporation, JFE Steel Corporation, Sumitomo Osaka Cement and Kawasaki Kisen Kaisha will study the capture, storage and transportation of carbon dioxide (CO2) emissions from the Setouchi and Shikoku regions of Japan and the injection and storage of the CO2 at Australian storage sites.
Woodside states that the MoU reflects the demand for large-scale decarbonisation solutions and highlights the unique geological advantages of Australia with subsurface characteristics that are highly suitable for large-scale CCS projects.
“The opportunity for Australia and Woodside is to use our natural advantages to progress investment in CCS and assist our regional neighbours as they decarbonise heavy industry.
“We welcome the Federal government's recent passing of legislation to support the transportation and sequestration of CO2 and development of Australia’s CCS industry,” Woodside EVP Shaun Gregory comments.