Chevron, MOL to jointly study CO2 shipping

Chevron Corporation and Mitsui OSK Lines (MOL) have signed a joint study agreement on the feasibility of transporting liquified carbon dioxide (CO2) from Singapore to permanent storage locations offshore Australia.

Chevron and MOL will explore the technical and commercial feasibility of initially transporting up to 2.5m tonnes per annum of liquified CO2 by 2030.

The study will complement work to be advanced by a recently announced consortium to explore solutions for large-scale carbon capture, transport and permanent storage of CO2 from Singapore.

Through its part in three joint ventures, Chevron was also recently granted an interest in three greenhouse gas assessment permits offshore Australia.

Earlier this year MOL received an approval in principle from ClassNK for its large CO2 carrier design, capable of transporting 1m tons of CO2 every year.

Until now, the movement of carbon dioxide cargoes at sea has been a very niche trade, but a host of developments in the last two years suggest CO2 has a bright future as growing trade.