media statement chevron-led joint venture accepts greenhouse gas assessment permit offshore onslow, WA

Australia, 22 August 2024: Chevron Corporation, through its subsidiary Chevron Australia New Ventures Pty Ltd (Operator), and Woodside Energy Ltd., have been awarded the greenhouse gas assessment permit G-18-AP, located in the Northern Carnarvon Basin offshore Western Australia.

G-18-AP is offshore from Onslow, Western Australia where the Chevron-operated Wheatstone natural gas facility is located and covers an area of approximately 8,467 km2 with water depths of 50-1,100m.

Under the Joint Venture arrangements, Chevron will hold a 70% participating interest and Woodside will hold a 30% participating interest in the permit. Chevron has agreed to farm down five percent of its equity in the permit to GS Caltex (GSC) of Korea. GSC’s entry into the permit is conditional on regulatory approvals and other matters.

The G-18-AP permit area will be evaluated as part of a hub for storing third party emissions, including those from Chevron’s operated LNG assets.

“This permit has the potential to help our operations as we aim to deliver lower carbon energy to a growing world,” Chevron Australia energy transition general manager David Fallon said.

“With decades of safe and reliable operational experience, and extensive subsurface knowledge, the Joint Venture is well positioned to assess the storage potential of the permit and evaluate a hub model for third party emissions.”

“Woodside’s view is that carbon capture and storage has an important role to play in the global energy transition. This permit is aligned with our strategy to develop lower carbon solutions and could contribute to achieving greenhouse gas emission reduction targets,” said Woodside vice president, new energy, APAC, Menno Weustink.

According to the International Energy Agency, reaching global net zero will be virtually impossible without CCUS.¹

1 | Energy Technology Perspectives 2020, Special Report on Carbon Capture Utilisation and Storage p13 “Reaching net zero will be virtually impossible without CCUS”