Chevron and MOECO to Collaborate on Advanced Geothermal Technology

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    TOKYO, Japan:
     

    Chevron New Energies International Pte, Ltd. (Chevron), and Mitsui Oil Exploration Co., Ltd (MOECO) as we speak introduced the signing of a Joint Collaboration Agreement to discover the technical and business feasibility of superior geothermal energy technology in Japan.


     

    Building on Chevron and MOECO’s long-standing relationship, the brand new collaboration will examine geothermal useful resource potential throughout Japan and will consider the effectiveness of Advanced Closed Loop (ACL) expertise for a future joint pilot mission in Japan. Both corporations may assess potential collaboration for superior geothermal expertise alternatives utilizing ACL globally.


     

    Unlike typical geothermal tasks, which use conventional steam generators requiring excessive temperatures typically present in concentrated areas restricted by geological traits, ACL can doubtlessly allow entry to geothermal sources at a wider vary of temperatures and geologies via the applying of different expertise above and beneath the floor.


     

    “Chevron and MOECO share a goal of delivering lower carbon energy solutions, while meeting the need for reliable, affordable energy,” mentioned Barbara Harrison, vice chairman of Offsets & Emerging, Chevron New Energies. “This collaboration provides an opportunity for Chevron to combine its subsurface capabilities and technologies with MOECO’s intimate knowledge of Japan’s geothermal potential resource geology and its long history of responsible resource development. The joint team will have the opportunity to test emerging geothermal technology in a real world setting with significant scaling up potential.”


     

    “MOECO entered the geothermal business in 2012 and has been expanding its geothermal portfolio since then. In parallel with conventional geothermal, we have been studying ACL technology for many years and we believe this collaboration with Chevron utilizing ACL technology could unlock tremendous geothermal resources in Japan,” mentioned Hirotaka Hamamoto, CEO of MOECO. “This joint collaboration with Chevron, who has been a valued partner of MOECO for several decades in the energy industry, is intended to open a new chapter in the geothermal industry as MOECO aims to continue contributing to an environmentally sustainable world as a member of the Mitsui & Co.’s group companies.”


     

    About Chevron


     

    Chevron (NYSE: CVX) is without doubt one of the world’s main built-in power corporations. We imagine inexpensive, dependable, and ever-cleaner power is important to attaining a extra affluent and sustainable world. Chevron produces crude oil and pure gasoline; manufactures transportation fuels, lubricants, petrochemicals and components; and develops applied sciences that improve our business and the trade. We are targeted on reducing the carbon depth in our operations and rising decrease carbon companies together with our conventional business strains. More details about Chevron is accessible at www.chevron.com.


     

    About MOECO


     

    MOECO celebrated its milestone fiftieth anniversary in 2019. MOECO has been regularly devoted to the exploration, growth and manufacturing of power sources globally constructing from the event of our gasoline tasks in offshore Thailand. MOECO now embraces the problem that comes with the world coming into into a brand new period the place society’s calls for for power are quickly altering. We renew our dedication in direction of delivering power sources that may attempt to meet the calls for of a altering society via our international growth together with the continued growth of our geothermal business as one of many core group corporations of Mitsui & Co.’s power business worth chain. More details about MOECO is accessible at www.moeco.com.


     

    CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995


     

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