PERTH, AUSTRALIA-- September 13, 2022 -- 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.”