- J-Power partners with Australian firms Deep Store and Azuli to develop a significant carbon capture and storage (CCS) project.
- The project will store up to 1 billion metric tons of CO2 in the Bonaparte and Browse Basins off Australia’s Northwest coast.
- CCS technology will help Australia reduce emissions and expand LNG production, meeting global demand from significant buyers like Japan and South Korea.
Japanese utility Electric Power Development Co., Ltd. (J-Power) has partnered strategically with Australian carbon capture and storage (CCS) developers Deep Store and Azuli. The firms signed a joint study agreement on Wednesday.
This agreement kicks off a significant effort to develop a commercial CCS project. Deeps Store and Azuli hold greenhouse gas assessment permits for the Bonaparte and Browse Basins. These basins, located approximately 200-250 kilometres off Australia’s Northwest coast, will be the sites for large-scale CO2 storage.
J-Power will actively participate in these GHG acreage ventures, which can permanently store up to 1 billion metric tons of CO2. J-Power will fund the joint study and secure a stake in developing these carbon storage sites as part of the agreement. This move reflects J-Power’s commitment to enhancing its role in global environmental solutions.
The project will capture liquefied CO2 from various locations in Japan, Australia, and surrounding regions. The captured CO2 will be shipped to Australian waters’ floating storage and injection facilities. This approach establishes a comprehensive CCS value chain that includes capture, transportation, and storage.
Australia emphasises CCS technology as a crucial part of its strategy to cut greenhouse gas emissions. The country plans to use CCS to decarbonise its industries while expanding its liquefied natural gas (LNG) production. This expansion aims to meet the growing demand from major international buyers, including Japan and South Korea, who depend on Australia’s LNG for their energy needs.
The partnership between J-Power, deepC Store, and Azuli showcases the increasing global focus on collaborative efforts to address climate change. The partnership aims to manage carbon emissions and support international climate goals by integrating advanced CCS technologies.
This initiative highlights the importance of international cooperation in tackling global environmental challenges. It reflects a commitment to developing innovative solutions that effectively reduce carbon footprints and promote sustainable energy practices. The collaboration represents a strategic effort to leverage CCS technology and its role in global environmental sustainability.
Overall, J-Power’s partnership with the Australian firms sets a forward-looking example for addressing climate change. By combining resources and expertise, the companies aim to impact carbon capture and storage significantly, establishing a precedent for future collaborative environmental efforts.