Following a carbon dioxide (CO2) injection shortfall at Western Australia’s Gorgon carbon capture and storage (CCS) project, Chevron Australia (Chevron) will invest AUD$40m as part of an offsets package.
The package is intended to address the shortfall over a five-year period up until 17th July 2021 and will also see Chevron fulfil regulatory obligations by acquiring and surrendering 5.23m greenhouse gas assets.
Since its start-up in August 2019, Gorgon has stored around 5.5m tonnes of GHG.
Stating that Chevron takes its regulatory obligations seriously, Hatfield, added, “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 regulatory, the community and those we place on ourselves as a leading energy producer in Australia.”
The company has also suggested it may undertake further discussions with the Western Australian Government to develop lower carbon projects.