J-Power Teams with Australian Firms for Carbon Capture Development

08 Aug, 2024

J-Power Teams with Australian Firms for Carbon Capture Development

Japanese utility Electric Power Development (J-Power) has signed a joint study agreement with Australian carbon capture and storage developers deepC Store and Azuli. The partnership focuses on commercializing a project to capture carbon dioxide (CO2) emissions from Japan, Australia, and the surrounding region and store it in Australia. The two Australian companies have secured greenhouse gas assessment permits in the Bonaparte and Browse Basins, about 200-250 km off Australia's Northwest coast. Through this strategic partnership, J-Power aims to become a joint venture participant in the GHG acreages, which have the potential to store up to 1 billion metric tons of CO2 permanently.

J-Power will contribute financially to the joint study and secure rights to a participating interest in the venture. The goal is to develop a full value chain project, including receiving liquefied CO2 at various locations in Japan, Australia, and nearby regions, and transporting it by ship to floating storage and injection facilities in Australian waters. Australia, a leading liquefied natural gas exporter, is leveraging carbon capture and storage (CCS) technology to decarbonize its industries and continue expanding LNG production to meet demand from key buyers like Japan and South Korea.