chevron builds on CCS portfolio with greenhouse gas assessment permit offshore Australia

Houston, TX, August 22, 2024 - Chevron Corporation (NYSE: CVX), through its subsidiary Chevron Australia New Ventures Pty Ltd (Chevron), has been awarded a greenhouse gas (GHG) assessment permit offshore Western Australia. The permit award provides further opportunity for Chevron to deliver on its strategy of safely delivering lower carbon energy to a growing world.

The G-18-AP permit is offshore from Onslow, Western Australia and covers an area of approximately 8,467 km² with water depths of 50-1100m. The permit area will be evaluated as part of a hub for storing third party emissions, including those from Chevron's operated LNG assets.

The permit involves a joint venture with Chevron as operator, and Woodside Energy Ltd. Chevron will hold a 70% participating interest in the permit, and Woodside will hold a 30% participating interest. Chevron has agreed to farm down five percent of its equity in the permit to GS Caltex (GSC) of Korea. GSC's entry into the permit is conditional on regulatory approvals and other matters.

"Chevron, along with our joint venture participants, have a unique set of assets, capabilities and customer relationships to support the further assessment, development and deployment of carbon capture and storage (CCS) in Australia," said Chris Powers, vice president of CCUS & Emerging for Chevron New Energies.

"Together with the Chevron-operated Gorgon CCS project, one of the world's largest integrated facilities, coupled with our existing GHG assessment permits, this new award has potential to expand Chevron's portfolio of CCS assets in Australia," he said.

Mark Hatfield, managing director, Chevron Australia said: "These opportunities have the potential to help us lower the carbon intensity of our own operations as well as provide opportunities to help our customers reduce or offset emissions from their activities."

This block award adds to Chevron's non-operated interests in G-9-AP, G-10-AP and G-11-AP as well as operating Gorgon CCS which has now captured and stored 10 million tonnes of CO2-equivalent.

According to the International Energy Agency, reaching global net zero will be virtually impossible without CCUS.¹

¹Energy Technology Perspectives 2020, Special Report on Carbon Capture Utilisation and Storage p13
"Reaching net zero will be virtually impossible without CCUS"

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