PERTH (miningweekly.com) – Oil and gas major Chevron has announced investments in two lower carbon projects in Western Australia.
In its first nature-based carbon offsets project in Australia, Chevron will provide funding to the Western Australia-based Carbon Sync which is leading a soil carbon sequestration pilot project involving up to 80 000 ha of the state’s cropping and grazing region.
Soil carbon sequestration can occur concurrently with agricultural production and can enhance the health of the soil, improve photosynthetic efficiency and can, therefore, result in carbon accrual in soils that are measured and monetised through the creation of carbon credits.
Additionally, Chevron has also joined a multi-year research project with Deakin University’s Blue Carbon Lab to explore potential carbon dioxide sequestration opportunities in Western Australia’s coastal wetlands.
“We believe that the future of energy is lower carbon. Australia is not only an essential part of Chevron’s established portfolio, but we also see tremendous potential to develop businesses that help achieve our lower carbon aspirations,” Chevron new energies VP offsets and emerging Barbara Harrison said.
Chevron Australia GM for energy transition David Fallon agreed, adding that the two projects were examples of the multiple pathways on a lower carbon journey.
“Our collaboration with Carbon Sync is expected to provide critical insights related to soil carbon projects, in a region with large potential for scale to help meet the forecasted demand for Australian Carbon Credit Units,” Fallon said.
“With the Blue Carbon Lab contribution, we are excited to explore the opportunities for blue carbon in WA’s saltmarsh, mangrove and seagrass environments.”
Chevron earlier this year announced that it would contribute A$38-million to carbon capture and storage (CCS) research projects in Western Australia and Victoria, advancing knowledge of the critical emissions technology for a lower carbon future.
Some A$22-million has been committed to the Barrow Dampier CCS Regional Study, which is led by global technology company SLB, and supports a three-dimensional seismic and storage assessment to identify new CCS opportunities in the Carnarvon basin, offshore Western Australia.
Chevron Australia has also committed A$16-million to support development of new infrastructure at the Otway International Test Centre in Victoria.