Chevron and Exxon seek Australian support for decarbonization projects

Chevron and Exxon Mobil, the U.S. fossil fuel giants, are calling on Australia to support their carbon capture and hydrogen projects. These initiatives aim to reduce carbon emissions in the country, the world's largest exporter of liquefied natural gas.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Chevron Corp (CVX.N) and Exxon Mobil Corp (XOM.N), the two largest U.S. fossil fuel companies, are seeking Australia’s support for carbon capture and storage (CCS) and hydrogen projects. They want to increase their investments to reduce carbon intensity. Expanding CCS projects and hydrogen production from renewables are crucial for Australia, the world’s largest exporter of liquefied natural gas (LNG), to reduce its carbon-based economy, while meeting the demand for LNG from its major buyers such as Japan and South Korea.

Political support

“Support should not only be in the form of funds, but also in the form of political support,” David Fallon, general manager of energy transition at Chevron Australia, said at the Australian Petroleum Production and Exploration Association (APPEA) conference. Australia aims to reduce its carbon emissions by 43% by 2030 and achieve carbon neutrality by 2050. The country is home to the world’s largest commercial CCS project, Gorgon, managed by Chevron, which is struggling to reach its maximum capacity. Fallon noted that Chevron is prioritizing CCS investments in the United States because of favorable policy measures such as tax credits. “That last marginal dollar you plan to spend at the end of the budget can make a difference,” Fallon said.

Australia announced its own plans to develop offshore CCS capacity on Tuesday, following significant incentives from the United States and a $24 billion commitment by Britain to such projects over the next two decades. The CCS process involves capturing carbon dioxide (CO2) generated by industrial activity, transporting it, and then storing it underground. Executives from Inpex Corp (1605.T), Japan’s largest oil and gas explorer, and Woodside Energy Group (WDS.AX), Australia’s largest independent gas producer, also argued for political certainty.

EDF confirms it is exploring capital openings and calls for strict investment prioritisation, facing €54.3bn ($57.5bn) in debt and massive funding needs by 2040.
A consortium led by Masdar and CPP Investments proposes to acquire all of ReNew at $8.15 per share, representing a 15.3% increase over the initial offer.
In Kuala Lumpur, Huawei Digital Power unveiled its grid-forming technologies, positioned as a strategic lever to strengthen power interconnections and accelerate energy market development across ASEAN.
Voltalia has entered a strategic partnership with IFC to develop tailored renewable energy projects for the mining sector across several African countries.
Repsol has launched a pilot platform of AI multi-agents, developed with Accenture, to transform internal organisation and improve team productivity.
ABB recorded double-digit growth in sales of equipment for data centres, contributing to a 28% increase in net profit in the third quarter, surpassing market expectations.
UK power producer Infinis has secured a £391mn ($476mn) banking agreement to support the next phase of its solar and energy storage development projects.
The Nexans Board of Directors has officially appointed Julien Hueber as Chief Executive Officer, ending Christopher Guérin’s seven-year tenure at the helm of the industrial group.
JP Morgan Chase has launched a $1.5 trillion, ten-year investment initiative targeting critical minerals, defence technologies and strategic supply chains across the United States.
Amid rising global demand for low-carbon technologies, several African countries are launching a regional industrial strategy centred on domestic processing of critical minerals.
Maersk and CATL have signed a strategic memorandum of understanding to strengthen global logistics cooperation and develop large-scale electrification solutions across the supply chain.
ABB made several attempts to acquire Legrand, but the French government opposed the deal, citing strategic concerns linked to data centres.
Aramco becomes Petro Rabigh's majority shareholder after purchasing a 22.5% stake from Sumitomo, consolidating its downstream strategy and supporting the industrial transformation of the Saudi petrochemical complex.
Chevron India expands its capabilities with a 312,000 sq. ft. engineering centre in Bengaluru, designed to support its global operations through artificial intelligence and local technical expertise.
Amid rising energy costs and a surge in cheap imports, Ineos announces a 20% workforce reduction at its Hull acetyls site and urges urgent action against foreign competition.
Driven by growing demand for strategic metals, mining mergers and acquisitions in Africa are accelerating, consolidating local players while exposing them to a more complex legal and regulatory environment.
Ares Management has acquired a 49% stake in ten energy assets held by EDP Renováveis in the United States, with an enterprise value estimated at $2.9bn.
Ameresco secured a $197mn contract with the U.S. Naval Research Laboratory to upgrade its energy systems across two strategic sites, with projected savings of $362mn over 21 years.
Enerflex Ltd. announced it will release its financial results for Q3 2025 before markets open on November 6, alongside a conference call for investors and analysts.
Veolia and TotalEnergies formalise a strategic partnership focused on water management, methane emission reduction and industrial waste recovery, without direct financial transaction.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.