Woodside, KEPCO sign MOU to study CCS value chain

Australia’s Woodside Energy and Japanese utility Kansai Electric Power Co. (KEPCO) have signed a non-binding memorandum of understanding (MOU) to study the potential for a carbon capture and storage (CCS) value chain between Japan and Australia, Woodside announced on September 7.

The MOU outlines a generic value chain study that will consider the end-to-end technical and commercial factors. The studies will include an evaluation of storage opportunities in some of Australia's offshore basins.

Woodside executive vice president Shaun Gregory said the MOU reflected the increasing demand for large-scale decarbonisation solutions from Woodside’s industry partners in the Asia-Pacific region.

“CCS has the potential to provide a pathway for Woodside’s customers and value chain participants in the region to decarbonise their own industrial emissions,” he said.

“Australia, with its unique geology and offshore storage potential, has an opportunity to play a role in this emerging market, supporting the broader Asia-Pacific region in their climate goals and net zero aspirations,” Gregory added.

The studies under the MOU are expected to be completed in early 2024. If the studies are successful, Woodside and KEPCO could move forward with the development of a full-scale CCS value chain between Japan and Australia.