Chevron Granted Interest in Three Permits to Assess Carbon Storage Offshore Australia

Chevron Corporation (NYSE: CVX), through its affiliate Chevron Australia Pty Ltd, is part of three joint ventures that have been granted an interest in three greenhouse gas assessment permits offshore Australia.

The blocks, including two in the Carnarvon Basin off the north-western coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory, total more than 31,500 km² or nearly 7.8 million acres – an area larger than Belgium.

“Chevron has a unique set of capabilities and relationships to support the further deployment of carbon capture and storage in Australia,” said 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 part of its global lower carbon strategy, Chevron is focused on carbon capture, utilization, and storage (CCUS) – primarily through hubs with third-party emitters as partners and customers – renewable fuels, hydrogen, offsets, and other emerging technologies.

“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,” said Chris Powers, vice president 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 gas assessment permit [G-10-AP] (1,762 km² or 680 mi²) involves 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 gas assessment permit [G-9-AP] (3,589 km² or 1,385 mi²) involves a Joint Venture of Chevron Australia Pty Ltd and Santos Offshore Pty Ltd (Operator).

Greenhouse gas assessment permit [G-11-AP] (26,239 km² or 10,130 mi²) involves a Joint Venture of Chevron Australia Pty Ltd, Santos Offshore Pty Ltd (Operator), and an affiliate of SK E&S.

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. More information about Chevron is available at www.chevron.com.

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