Chevron Corporation (NYSE: CVX), through its Chevron New
Energies business, and JERA are collaborating on multiple lower
carbon opportunities – including production; carbon capture,
utilization, and storage; and new technology commercialization –
focused on the U.S. and Asia Pacific region.
The companies have signed a Joint Study Agreement to explore the
potential co-development of lower carbon fuel in Australia and will
conduct a feasibility study expected to be completed in 2023. Lower
carbon fuel supplies to be produced in the region would seek to
leverage Chevron’s LNG and CCS knowledge and experience.
As part of their focus across the hydrogen value chain –
including production, export, and transportation – Chevron and JERA
will also study liquid organic hydrogen carriers (LOHC) in the U.S.
LOHC has the potential to enable efficient hydrogen transport and
long duration energy storage applications, essentially using
hydrogen as a battery to deliver lower carbon energy on demand. As
part of their focus on LOHC, Chevron and JERA have both invested in
Hydrogenious LOHC Technologies.
“Chevron and JERA have worked together to bring affordable and
reliable energy to our customers in the form of LNG, and we are
excited about the opportunity to further build upon this
relationship as we identify opportunities to provide ever-cleaner
energy,” said Jeff Gustavson, president of Chevron New Energies.
“Partnership is critical to achieving lower carbon goals, and we
believe Chevron has the people, assets, and customers to help drive
solutions across the globe.”
JERA Corporate Vice President Yukio Kani said, “We believe that
strengthening our cooperation with Chevron will not only expand
business opportunities for both companies but also contribute to
the stable supply of energy in Asia Pacific and the U.S. to
transition to a decarbonized society.”
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable, and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and growing lower carbon businesses along with our traditional
business lines. For more information, please visit
www.chevron.com.
About JERA
Established in 2015, JERA is an equal joint venture of two major
Japanese electric power companies, TEPCO Fuel & Power
Incorporated and Chubu Electric Power Company and produces about
30% of all electricity in Japan. JERA is an energy company with
global reach that has strength in the entire energy supply chain,
from participation in LNG upstream projects and fuel procurement,
through fuel transportation to power generation. JERA, which stands
for Japan’s Energy for a New Era, will take on the challenge of
achieving net zero CO2 emissions from its domestic and overseas
businesses by 2050 and is supporting an energy transition in an
environmentally and socially responsible manner. For more details:
https://www.jera.co.jp/english/
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management's current expectations, estimates and projections
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Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
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public health crises, such as pandemics (including coronavirus
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actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
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operates; general domestic and international economic and political
conditions, including the military conflict between Russia and
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refining, marketing and chemicals margins; actions of competitors
or regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; development of large carbon capture and offset
markets; the results of operations and financial condition of the
company’s suppliers, vendors, partners and equity affiliates,
particularly during the COVID-19 pandemic; the inability or failure
of the company’s joint-venture partners to fund their share of
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achieve expected net production from existing and future crude oil
and natural gas development projects; potential delays in the
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causes beyond the company’s control; the potential liability for
remedial actions or assessments under existing or future
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and losses from asset dispositions or impairments; government
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on scope of company operations; foreign currency movements compared
with the U.S. dollar; higher inflation and related impacts;
material reductions in corporate liquidity and access to debt
markets; the receipt of required Board authorizations to implement
capital allocation strategies, including future stock repurchase
programs and dividend payments; the effects of changed accounting
rules under generally accepted accounting principles promulgated by
rule-setting bodies; the company’s ability to identify and mitigate
the risks and hazards inherent in operating in the global energy
industry; and the factors set forth under the heading “Risk
Factors” on pages 20 through 25 of the company’s 2021 Annual Report
on Form 10-K and in subsequent filings with the U.S. Securities and
Exchange Commission. Other unpredictable or unknown factors not
discussed in this news release could also have material adverse
effects on forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20221107006138/en/
Chevron Creighton Welch CreightonWelch@chevron.com
JERA Hirotaka Iwase Hirotaka.Iwase@jera.co.jp
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