INPEX was awarded a greenhouse gas storage assessment permit in the Bonaparte Basin off the northwestern coast of the Northern Territory of Australia with TotalEnergies and Woodside Energy in 2022. This project aims to begin CO2 injection around 2030 and could represent a key component of the Darwin-based CCUS Hub proposed by the Northern Territory Government. INPEX operated Ichthys LNG would be a natural user of this CCS solution as it seeks to reduce its GHG emissions.
Chubu Electric Power aims to achieve net zero CO2 emissions from its operations by 2050 and has been considering the feasibility of CCUS, based in and around the Port of Nagoya for the decarbonisation of the region. By collaborating with Chubu Electric Power, INPEX expects to help build a CCS value chain and contribute to the transition to a decarbonised society.
INPEX is working actively to redevelop the energy landscape for the purpose of helping create a net zero carbon society by 2050 while meeting energy demand in Japan and around the world. The company’s Long-term Strategy and Medium-term Business Plan (INPEX Vision@2022) announced in February 2022 positions CCUS as one of the five net zero business areas and sets a target of achieving an annual CO2 injection volume of 2.5 million tons or more by around 2030.
INPEX said it seeks to become a leading company in the field of CCUS by pursuing technical development and commercialisation.