Chevron New Energies, and Mitsui Oil Exploration (MOECO) signed a Joint Collaboration Agreement to explore the technical and commercial feasibility of advanced geothermal power generation in Japan. Building on Chevron and MOECO’s long-standing relationship, the new collaboration will study geothermal resource potential across Japan and will evaluate the effectiveness of Advanced Closed Loop (ACL) technology for a future joint pilot project in Japan.
Both companies may also assess potential collaboration for advanced geothermal technology opportunities using ACL globally.
Closed-loop geothermal systems circulate a working fluid through a sealed downhole heat exchanger to absorb and transport heat.
Unlike conventional geothermal projects, which use traditional steam turbines requiring high temperatures often found in concentrated locations limited by geological characteristics, ACL can potentially enable access to geothermal resources at a wider range of temperatures and geologies through the application of alternative technology above and below the surface.
Chevron and MOECO share a goal of delivering lower carbon energy solutions, while meeting the need for reliable, affordable energy. This collaboration provides an opportunity for Chevron to combine its subsurface capabilities and technologies with MOECO’s intimate knowledge of Japan’s geothermal potential resource geology and its long history of responsible resource development. The joint team will have the opportunity to test emerging geothermal technology in a real world setting with significant scaling up potential.—Barbara Harrison, vice president of Offsets & Emerging, Chevron New Energies
MOECO entered the geothermal business in 2012 and has been expanding its geothermal portfolio since then. In parallel with conventional geothermal, we have been studying ACL technology for many years and we believe this collaboration with Chevron utilizing ACL technology could unlock tremendous geothermal resources in Japan.—Hirotaka Hamamoto, CEO of MOECO