The Australian unit of US oil major Chevron, the operator of the Gorgon LNG project, will invest $29 million (AUD$40 million) investment in Western Australian lower-carbon projects.
This is a part of Chevron’s answer to a carbon dioxide injection shortfall at the Gorgon LNG over the five-year period ending July 2021. The package will also see Chevron fulfill its regulatory obligations by acquiring and surrendering 5.23 million of ghg offsets.
Specifically, the Gorgon project is a joint venture between the Australian subsidiaries of Chevron, ExxonMobil, and Shell; Osaka Gas, Tokyo Gas, and JERA.
The company’s director Mark Hatfield said they are proud of the Gorgon CCS’ significant emissions reductions.
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Chevron boasts highest earnings since 2013 Business & Finance Since starting up in August 2019, the Gorgon carbon capture and storage system has injected app. 5.5 million tonnes of GHG emissions. This way, it is demonstrating the importance of CCS technology in advancing a lower carbon future.
The company will go into further discussions with the Western Australian government to develop lower-carbon projects.