Chevron New Energies said June 21 its subsidiary in Japan and Mitsui Oil Exploration Co. Ltd. (MOECO) will work together to pilot test advanced closed loop geothermal technology (ACL).
The pilot testing by Chevron New Energies Japan and MOECO will be the first of Chevron New Energies International Pte Ltd. and MOECO’s joint collaboration agreement signed in September 2022.
Unlike conventional geothermal technology, in which hot water or steam is extracted from underground reservoirs, ACL utilizes a loop of underground wells for subsurface heat exchange through conduction. A working fluid from the surface is circulated through the wells to generate electricity.
“Chevron and MOECO believe that geothermal can be a significant enabler in Japan’s lower carbon and net zero journey,” Barbara Harrison said, vice president of offsets and emerging for Chevron New Energies. “Geothermal development needs to be carried out with the final customer in mind and with consideration of potential impacts to the environment and the local community.
Looking to de-risk, scale and commercialize the technology, the companies plan to carry out the pilot test in the Niseko region of Hokkaido, Japan. Commercial applications will be considered based on knowledge gained from the pilot and elsewhere.
“We expect to open up a new geothermal business by collaborating with Chevron New Energies, which has advanced technology and extensive experience to tackle this challenging project,” said MOECO CEO Hirotaka Hamamoto. “We, MOECO, a member of the Mitsui & Co.’s group company, aim to contribute to the stable supply of energy, achieving improved standards of living, and sustainable development of society through the promotion of renewable energy projects such as geothermal power generation.”
Recommended Reading
Hess Midstream Subsidiary to Buy Back $100MM of Class B Units
2024-03-13 - Hess Midstream subsidiary Hess Midstream Operations will repurchase approximately 2 million Class B units equal to 1.2% of the company.
Plains All American Names Michelle Podavin Midstream Canada President
2024-03-05 - Michelle Podavin, who currently serves as senior vice president of NGL commercial assets for Plains Midstream Canada, will become president of the business unit in June.
Matador Completes NatGas Connections in Delaware Basin
2024-03-25 - Matador Resources completed natural gas pipeline connections between Pronto Midstream to San Mateo Midstream and to Matador’s acreage in the Delaware Basin.
Targa Resources Ups Quarterly Dividend by 50% YoY
2024-04-12 - Targa Resource’s board of directors increased the first-quarter 2024 dividend by 50% compared to the same quarter a year ago.
Pembina Declares Series of Quarterly Dividends
2024-04-10 - Pembina Pipeline Corp’s board of directors declared quarterly dividends for series 1, 3, 5, 7, 9, 15, 17, 19, 21, 22 and 25.