Perth, Australia:
Chevron Corporation (NYSE: CVX), via its affiliate Chevron Australia Pty Ltd, is a part of three joint ventures which have been granted an curiosity in three greenhouse gasoline evaluation permits offshore Australia.
The blocks, together with two in the Carnarvon Basin off the north-western coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory, complete greater than 31,500 km2 or almost 7.8 million acres – an space bigger than Belgium.
“Chevron has a unique set of capabilities and relationships to support the further deployment of carbon capture and storage in Australia,” stated Mark Hatfield, managing director of Chevron’s Australia Business Unit. “We look forward to working with our venture participants to assess the greenhouse gas storage potential within these titles, which we hope will benefit Australia and the region for years to come.”
As a part of its international decrease carbon technique, Chevron is targeted on carbon seize, utilization, and storage (CCUS) – primarily via hubs with third-party emitters as companions and clients – renewable fuels, hydrogen, offsets, and different rising applied sciences.
“Under almost every scenario, CCUS is expected to be essential for meeting the net zero ambitions of the Paris Agreement and is poised to play a crucial role in reducing carbon emissions in hard-to-abate, energy intensive industries such as LNG, refining, petrochemicals, power, steel, and cement,” stated Chris Powers, vp of CCUS for Chevron New Energies. “These and other ventures also have the potential to help generate higher returns and lower the carbon intensity of our own operations. We look forward to collaborating on these efforts.”
Note to Editors:
Greenhouse gasoline evaluation allow [G-10-AP] (1,762 km2 or 680 mi2) entails a Joint Venture of Chevron Australia Pty Ltd, Woodside Energy Ltd (Operator), BP Developments Australia Pty Ltd, Japan Australia LNG (MIMI) Pty Ltd, which is owned equally by Mitsubishi Corporation and Mitsui & Co., Ltd, and Shell Australia Pty Ltd.
Greenhouse gasoline evaluation allow [G-9-AP] (3,589 km2 or 1,385 mi2) entails a Joint Venture of Chevron Australia Pty Ltd and Santos Offshore Pty Ltd (Operator).
Greenhouse gasoline evaluation allow [G-11-AP] (26,239 km2 or 10,130 mi2) entails a Joint Venture of Chevron Australia Pty Ltd, Santos Offshore Pty Ltd (Operator), and an affiliate of SK E&S.
About Chevron
Chevron is without doubt one of the world’s main built-in power corporations. We imagine reasonably priced, dependable, and ever-cleaner power is important to reaching 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 business. We are targeted on reducing the carbon depth in our operations and rising decrease carbon companies together with our conventional business traces. More details about Chevron is out there at www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This information launch comprises forward-looking statements relating to Chevron’s operations and power transition plans which might be based mostly on administration’s present expectations, estimates and projections concerning the petroleum, chemical compounds and different energy-related industries. Words or phrases reminiscent of “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and comparable expressions are meant to determine such forward-looking statements. These statements aren’t ensures of future efficiency and are topic to sure dangers, uncertainties and different components, lots of that are past the corporate’s management and are tough to predict. Therefore, precise outcomes and outcomes might differ materially from what’s expressed or forecasted in such forward-looking statements. The reader shouldn’t place undue reliance on these forward-looking statements, which communicate solely as of the date of this information launch. Unless legally required, Chevron undertakes no obligation to replace publicly any forward-looking statements, whether or not because of new data, future occasions or in any other case.
Among the necessary components that would trigger precise outcomes to differ materially from these in the forward-looking statements are: altering crude oil and pure gasoline costs and demand for the corporate’s merchandise, and manufacturing curtailments due to market circumstances; crude oil manufacturing quotas or different actions that is perhaps imposed by the Organization of Petroleum Exporting Countries and different producing nations; technological developments; modifications to authorities insurance policies in the nations in which the corporate operates; public well being crises, reminiscent of pandemics (together with coronavirus (COVID-19)) and epidemics, and any associated authorities insurance policies and actions; disruptions in the corporate’s international provide chain, together with provide chain constraints and escalation of the price of items and providers; altering financial, regulatory and political environments in the varied nations in which the corporate operates; common home and worldwide financial, market and political circumstances,together with the army battle between Russia and Ukraine and the worldwide response to such battle; altering refining, advertising and chemical compounds margins; actions of rivals or regulators; timing of exploration bills; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; growth of enormous carbon seize and offset markets; the outcomes of operations and monetary situation of the corporate’s suppliers, distributors, companions and fairness associates, notably through the COVID-19 pandemic; the shortcoming or failure of the corporate’s joint-venture companions to fund their share of operations and growth actions; the potential failure to obtain anticipated internet manufacturing from current and future crude oil and pure gasoline growth tasks; potential delays in the event, development or start-up of deliberate tasks; the potential disruption or interruption of the corporate’s operations due to warfare, accidents, political occasions, civil unrest, extreme climate, cyber threats, terrorist acts, or different pure or human causes past the corporate’s management; the potential legal responsibility for remedial actions or assessments below current or future environmental rules and litigation; important operational, funding or product modifications undertaken or required by current or future environmental statutes and rules, together with worldwide agreements and nationwide or regional laws and regulatory measures to restrict or cut back greenhouse gasoline emissions; the potential legal responsibility ensuing from pending or future litigation; the corporate’s future acquisitions or tendencies of property or shares or the delay or failure of such transactions to shut based mostly on required closing circumstances; the potential for features and losses from asset tendencies or impairments; authorities mandated gross sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, modifications in fiscal phrases or restrictions on scope of firm operations; overseas forex actions in contrast with the U.S. greenback; materials reductions in company liquidity and entry to debt markets; the receipt of required Board authorizations to implement capital allocation methods, together with future inventory repurchase applications and dividend funds; the results of modified accounting guidelines below usually accepted accounting ideas promulgated by rule-setting our bodies; the corporate’s skill to determine and mitigate the dangers and hazards inherent in working in the worldwide power business; and the components set forth below the heading “Risk Factors” on pages 20 via 25 of the corporate’s 2021 Annual Report on Form 10-Okay and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown components not mentioned in this information launch might even have materials opposed results on forward-looking statements.
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