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Mitsubishi Corp and Mitsui & Co are contemplating commercializing a carbon capture and storage project (CCS) on the seabed off the coast of Western Australia, a major producer of natural gas.
A joint venture between the two major Japanese trading houses is advancing a liquefied natural gas development project off the northwest coast of Australia and has already accumulated seabed data.
Mitsubishi and Mitsui are now in the process of obtaining a permit to examine the seabed in detail.
The investment is likely to be around several hundred billion yen.
The CCS has been attracting attention as a technology critical to achieving a decarbonized society, with the envisaged facility expected to be operational in 2030 at the earliest.
The project, critical to achieving a decarbonized society, will first capture CO2 and other emissions from factories in Australia. Emissions in Japan are set to be captured and stored in the future.
It would likely be carried out in cooperation with resources companies such as British multinational oil and gas company BP plc.
In Japan, CCS testing is being conducted in Tomakomai, Hokkaido.
