Woodside Energy Signs an MOU with Four Japanese Corporations to Seek CCS Value Chain Feasibility

Woodside Energy, in collaboration with four Japanese companies, has embarked on a venture to explore the feasibility of a Carbon Capture and Storage (CCS) value chain stretching from Japan to Australia. This initiative, formalized through a Memorandum of Understanding (MoU), involves Woodside Energy, Sumitomo Corporation, JFE Steel Corporation, Sumitomo Osaka Cement Co. Ltd, and Kawasaki Kisen Kaisha, Ltd.

The agreement focuses on studying the capture, storage, and transportation of carbon dioxide emissions from Japan's Setouchi and Shikoku regions and their eventual injection and storage at designated sites in Australia. This endeavor underscores a growing demand for robust decarbonization solutions and leverages Australia's unique geological characteristics, which are particularly conducive to large-scale CCS projects.

Woodside's Executive Vice President, Shaun Gregory, emphasized the significance of this MoU, highlighting its reflection of the Asia-Pacific region's commitment to leveraging CCS in achieving decarbonization targets. He pointed out Australia's and Woodside's natural advantages in fostering CCS development and aiding neighboring regions in their efforts to reduce emissions from heavy industry.

This collaboration gains further support from the Australian Federal Government's recent legislative advancements, facilitating the transportation and sequestration of CO2. This development marks a crucial step in the progression of Australia's CCS industry.

The formal signing of this MoU took place on December 16 at the ASEAN-Japan Economic Co-Creation Forum, witnessed by Japan’s Minister of Economy, Trade and Industry, Ken Saito, symbolizing a joint effort in the pursuit of environmental sustainability and industrial decarbonization.

According to the article by Procurement Resource, Woodside Energy and four Japanese firms have signed an MoU to study a Carbon Capture and Storage (CCS) value chain from Japan to Australia. This collaboration aims to reduce CO2 emissions, leveraging Australia's geological features for CCS. Supported by Australian legislation, this initiative marks a significant step in regional decarbonization efforts.