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Providing equity capital/liability guarantees and geological/geophysical surveys for CO2 storage

Plan:
We have begun to provide equity capital and liability guarantees for CCS projects both overseas and around the coastal waters of Japan. We will support CCS projects that are accompanied by resource development as well as industrial hubs and clusters of CCS projects which are globally promoted.
Simultaneously, in addition to existing oil- and natural gas-exploration, we will apply the 3D geophysical exploration vessel “TANSA”, which has been utilized only in Japan’s coastal waters until now, to conduct geological and geophysical surveys that search for CCS-suitable sites both overseas and in Japan’s coastal waters. We will also conduct geological and geophysical surveys, drilling, and evaluation of storage capacity. By implementing those surveys, we will conduct the selection of CO2 injection sites and the estimation of storage capacity. Through these efforts we reduce subsurface risks, support operationalization of CCS projects with our technology and know-how, and thus contribute to securing a sustainable energy supply for Japan.

Current status:
With the enforcement of the revised JOGMEC Law on November 14, 2022, we added the following new services: (1) providing equity capital and liability guarantees for carbon dioxide storage and exploration of geological formations suitable for carbon dioxide storage; (2) exploration of geological formations suitable for carbon dioxide storage and; (3) lending of vessels necessary for geological and geophysical surveys for these activities. In addition, we will also provide support for feasibility evaluations and technical verification as an ancillary service to the equity capital and liability guarantees support services.
In order to actively promote the use of these new support services, a "Seminar for Explanation of the Scheme for Hydrogen and CCS Support Services" was held for industry associations in December 2022.

Direction of support strengthening (Image)

Source: created by JOGMEC based on materials from the release of the Ministry of Economy, Trade and Industry

(Further information)

Japan Organization for Metals and Energy Security
(JCN 4010405009573)

Toranomon Twin Building 2-10-1 Toranomon, Minato-ku, Tokyo 105-0001, JAPAN
TEL : +81-3-6758-8000

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