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JOGMEC and PetroVietnam renewed the Memorandum of Understanding with new scopes
-Expansion of collaboration on businesses related to hydrogen and ammonia production and CCS/CCUS projects-

November 24, 2022

Japan Organization for Metals and Energy Security (JOGMEC) renewed the Memorandum of Understanding (MOU) with PetroVietnam for five years to pursue joint business opportunities not only in the upstream development of oil and natural gas, but also in hydrogen and ammonia production and CCS/CCUS projects, which are eligible for support under the revised JOGMEC law came in effect on Novermber 14, 2022.
Based on the extended MOU, JOGMEC plans to conduct geological evaluation of the target area, CO2 emission source survey, and business environment survey with PetroVietnam and its subsidiary, Vietnam Petroleum Institute, to investigate the feasibility of possible CCS/CCUS projects in Vietnam for this fiscal year.

MOU exchanging ceremony(Mr. ASAWA Satoshi, Executive Vice President, Energy Business Unit, JOGMEC Mr. Le Ngoc Son, Vice President, PetroVietnam)

JOGMEC and PetroVietnam concluded the MOU covering upstream development of oil and natural gas in 2007 (note:1), and have since conducted pilot tests of CO2 enhanced oil recovery(CO2-EOR)in the offshore Rang Dong oil field in Vietnam, joint research on the low salinity water flooding EOR, Gas To Liquid(GTL)project, joint exploration projects and so on.

Since the MOU set to expire on October 17, 2022, JOGMEC has extended the MOU for five years in order to further pursue joint business opportunities for hydrogen and ammonia production as well as carbon capture and storage(CCS)/carbon capture utilization and storage(CCUS)projects, which are eligible for support under the revised JOGMEC law enacted on November 14, 2022.

In Vietnam, several Japanese companies are conducting upstream development projects related to oil and natural gas as their core areas, and high potential geological structures for CO2 storage are expected. Based on this revised MOU, JOGMEC plans to conduct geological evaluation for the target area, CO2 emission source survey, and business environment survey with PetroVietnam and its subsidiary, Vietnam Petroleum Institute, to investigate the feasibility of possible CCS/CCUS projects in Vietnam.

JOGMEC will continue to contribute to the Japan’s energy security and the realization of sustainable economic development and carbon neutrality in Vietnam and other Asian countries, based on Japan's commitment to the Asian Zero Emissions Community(AZEC)and the Asian Energy Transition Initiative(AETI).

(note1): Concluded on November 27, 2007. Extended on October 17, 2017 for five years.

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