16 JUNE 2023 WorldWide Drilling Resource® www.starironworks.com 257 Caroline Street Punxsutawney, PA 15767 800-927-0560 • 814-427-2555 Fax: 814-427-5164 SERVING THE WATER WELL INDUSTRY Serving the Drilling Industry A Collaboration to Unlock Japan’s Geothermal Potential Adapted from Information by Chevron Chevron New Energies International and Mitsui Oil Exploration Company (MOECO) signed a Joint Collaboration Agreement to explore the technical and commercial feasibility of advanced geothermal power generation in Japan. Building on the companys’ long-standing relationship, this new partnership will study geothermal resource potential across the country, and evaluate the effectiveness of Advanced Closed Loop (ACL) technology for a future joint pilot project in Japan. Additionally, Chevron and MOECO may choose to collaborate for advanced geothermal technology opportunities using ACL globally. Unlike conventional geothermal projects, which use traditional steam turbines requiring high temperatures often found in concentrated locations limited by geological characteristics, ACL can potentially enable access to geothermal resources at a wider range of temperatures and geologies through the application of alternative technology above and below the surface. “Chevron and MOECO share a goal of delivering lower carbon energy solutions, while meeting the need for reliable, affordable energy,” said Barbara Harrison, vice president of Offsets and Emerging, Chevron New Energies. “This collaboration provides an opportunity for Chevron to combine its subsurface capabilities and technologies with MOECO’s intimate knowledge of Japan's geothermal potential resource geology and its long history of responsible resource development. The joint team will have the opportunity to test emerging geothermal technology in a real-world setting with significant scaling-up potential.” MOECO has been growing its geothermal portfolio since 2012. Along with conventional geothermal, the company has been studying ACL technology for many years. MOECO is confident utilizing ACL technology in collaboration with Chevron can unlock tremendous geothermal resources in Japan. GEO
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