JOGMEC concluded Memorandum of Understanding with PetroVietnam to seek further development on CCS/CCUS projects
Japan Organization for Metals and Energy Security (JOGMEC) has signed a Memorandum of Understanding (MOU) with PetroVietnam and agreed to have a discussion, to move the joint studies for CCS/CCUS projects to the next phase. JOGMEC and PetroVietnam, together with Vietnam Petroleum Institute (VPI) owned by PetroVietnam, have been conducting geological evaluation, CO2 emission source survey and business environment survey to investigate the potential of CCS/CCUS project in Vietnam since November 2022. In the MOU, both parties agreed to discuss about the additional studies based on the results of the current surveys, to accelerate the commercial start up of the projects.
MOU memorial photo taken at Asia Zero Emission Community Public-Private Investment Forum
(left-to-right) Mr. HOSONO Tetsuhiro, Chairman & CEO, JOGMEC, Mr. NISHIMURA Yasutoshi, Minister of Economy, Trade and Industry (witness), Mr. ASAWA Satoshi, Executive Vice President, Energy Business Unit, JOGMEC,Mr. Le Ngoc Son, Vice President, PetroVietnam, Dr. Trinh Xuan Cuong, General Manager of Exploration Division, PetroVietnam
MOU Signing Ceremony at JOGMEC
(left) Mr. ASAWA Satoshi, Executive Vice President, Energy Business Unit, JOGMEC
(right) Mr. Le Ngoc Son, Vice President, PetroVietnam
Since JOGMEC and PetroVietnam signed a MOU focusing upstream oil & gas development in 2007, both parties have collaborated in the various activities including pilot tests of CO2 enhanced oil recovery (CO2-EOR) in the offshore Rang Dong oil field in Vietnam, as well as joint exploration projects and joint research related to low salinity water flooding EOR and Japan GTL process.
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. JOGMEC will hold discussions with PetroVietnam to conduct further studies to pursue the CCS/CCUS project in Vietnam, where CCS/CCUS has a strong future growth potential.
JOGMEC is committed to improving Japan's energy security and contributing to sustainable economic development and carbon neutrality in the Asian region, including Vietnam, based on the Asian Zero Emission Community concept and the Asian Energy Transition Initiative (AETI), both led by the Japanese government. We will contribute to the improvement of Japan's energy security and the realization of sustainable economic development and carbon neutrality in Vietnam and other Asian countries.
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