Chevron New Energies International signed a joint collaboration agreement on Sept. 25 with Japan's Mitsui Oil Exploration Co. Ltd. (MOECO), according to a joint press release.
Through the agreement, the two companies will explore the technical and commercial feasibility of Japan's advanced geothermal power capabilities through studying resource potential and evaluating advanced closed loop (ACL) technology's effectiveness for a future pilot program.
Chevron and MOECO have a long-standing relationship outside of this agreement, so they are both confident in the new collaboration.
“Chevron and MOECO share a goal of delivering lower carbon energy solutions, while meeting the need for reliable, affordable energy,” Chevron New Energies vice president of offsets and emerging Barbara Harrison commented in the release.
“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," she continued.
In addition to this current collaboration, the companies could potentially assess the implementation of ACL-based advanced geothermal technology opportunities on a global scale.
ACL has the ability to enable access to geothermal resources at a wider range of temperatures and geologies with the use of alternative technology above and below the surface, differentiating it from conventional geothermal projects that use traditional steam turbines.
“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,” MOECO CEO Hirotaka Hamamoto added.
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