projects, teamwork and progress mark new energies’ first year

Chevron’s New Energies organization, focused on advancing lower carbon solutions and affordable, reliable, ever-cleaner energy, is celebrating its first anniversary.

Through careful design of the new organization, staffing with dedicated and forward-thinking people and a focus on well-defined priorities, we have been able to advance important projects that move us toward a lower carbon future.

“Over the last year, we've made tremendous progress to accelerate and deploy scalable lower carbon solutions,” said Jeff Gustavson, the vice president in charge of Chevron New Energies. “I'm proud of the way the New Energies team is collaborating to help build the energy system of tomorrow.”

Here’s a look at a few of the highlights from the past year:

Chevron partnered with Talos and Carbonvert to develop the Bayou Bend Carbon Capture and Sequestration (CCS) hub. This could be one of the first offshore CCS projects in the United States. Located in the U.S. Gulf of Mexico, this project is expected to store an estimated 225 million to 275 million tonnes of carbon dioxide, keeping it out of the atmosphere.

By embarking on a carbon capture and storage project in California’s San Joaquin Valley, we hope to reduce CO₂e emissions in the area as well as the carbon intensity of our operations. We plan to capture carbon dioxide from our facility and inject it deep underground into a storage reservoir.

We’ve teamed up with Restore the Earth Foundation to reforest land in southeastern Louisiana with approximately 1.7 million native bald cypress trees. As the trees remove and store carbon from the atmosphere, they generate offsets that can help us achieve our lower carbon goals and support our customers in doing the same.

Renewable energies such as geothermal also figure into the portfolio of emerging solutions that we are pursuing. We are looking into geothermal in Indonesia and elsewhere.

We’ve been developing a hydrogen strategy, and as part of that signed an agreement with Iwatani Corporation to build up to 30 hydrogen fueling stations stations across California by 2026. We believe hydrogen can help lower the carbon intensity in transportation and other industries.

Relationships are key to advancing a lower carbon future. In Kazakhstan, we are working with KazMunayGas to look for potential projects in carbon capture, utilization, and storage (CCUS); hydrogen; energy efficiency and methane management. In Indonesia, we are working with Pertamina to look for opportunities in geothermal energy, hydrogen, nature-based offsets and CCUS.

To achieve our ambitions, we must determine the best projects and relationships to develop. As we pursue these projects and others, we will continue to look for opportunities to lower our carbon intensity and help other industries and companies do so. We will also look for opportunities to grow business lines in renewable fuels and products and continue to deliver affordable, reliable, ever-cleaner energy.