A greenhouse gas storage assessment permit was recently awarded to INPEX. This permit covers the Bonaparte Basin off the northwestern coast of the Northern Territory of Australia with TotalEnergies and Woodside Energy.

The project that is now taking place, aims to commence with CO2 injection around 2030 and it is hoped that this technique could become a key component of the Darwin-based CCUS Hub that was proposed by the Northern Territory Government. Ichthys LNG, which is operated by INPEX, has the potential to become a natural user of this CCS solution, because it is currently looking to reduce its greenhouse gas emissions. Along with this, Chubu Electric Power has an aim to achieve net zero CO2 emissions from its operations by 2050 and in order to do this, the company has been considering how feasible it would be to use CCUS in and around the Port of Nagoya, with the intention that CCUS would play a significant role in decarbonising the region. It is expected that through a collaboration with Chubu Electric Power, INPEX would be able to help build a CCS value chain, therefore contributing to the transition to a decarbonised society.

Together the companies will conduct a joint study, with the intention of assessing the feasibility of establishing a CCS value chain which would involve the capture of CO2 in Japan and it would also involve the transportation of CO2 from the Port of Nagoya to Australia for storage.

Currently, INPEX is focused on working to actively redevelop the energy landscape, with the intention of helping to create a net zero carbon society by 2050 and alongside this, the company will also be aiming to meet the energy demand in Japan and around the world. It was in February of 2022 when the company’s Long-term Strategy and Medium-term Business Plan (INPEX Vision@2022) was announced. This strategy helped to put CCUS as one of the five net zero business areas and on top of this, it also effectively set an approximate target of achieving an annual CO2 injection volume of 2.5 million tons of more by 2030.

INPEX stated that, ‘it seeks to become a leading company in the field of CCUS by pursuing technical development and commercialisation.’