Chevron Australia, as operator of the Gorgon Project, has announced an AUD$40 million investment in Western Australian lower carbon projects.
The investment is part of an offsets package Chevron will implement to address a carbon dioxide injection shortfall at the Gorgon natural gas facility over the five-year period ending 17 July 2021.
The package will also see Chevron fulfil its regulatory obligations through the acquisition and surrender of 5.23 million greenhouse gas offsets.
Chevron Australia managing director Mark Hatfield said Chevron is proud of the significant emissions reductions being achieved by the Gorgon carbon capture and storage system, despite its early challenges.
'Since starting up in August 2019, the Gorgon carbon capture and storage system has safely injected approximately 5.5 million tonnes of greenhouse gas emissions and is demonstrating the importance of CCS technology in advancing a lower carbon future.
'We take our regulatory obligations seriously. The package we have announced will see us make good on our commitment to offset the injection shortfall, and ensures we meet the expectations of the regulator, the community and those we place on ourselves as a leading energy producer in Australia,' Hatfield said.
'We look forward to further discussions with the Western Australian Government to develop lower carbon projects and unlock emissions reduction potential across the state.'
The Chevron-operated Gorgon Project is a joint venture between the Australian subsidiaries of Chevron (47.333 percent), ExxonMobil (25 percent), Shell (25 percent), Osaka Gas (1.25 percent), Tokyo Gas (1 percent) and JERA (0.417 percent).