05:02 AM EDT, 03/19/2024 (MT Newswires) -- Chevron's ( CVX ) division Chevron New Energies and JX Nippon Oil & Gas Exploration have signed a memorandum of understanding that provides a framework to evaluate the export of carbon dioxide gas from Japan.

The plan is to export the gas to carbon capture and storage projects in Australia and other countries in the Asia Pacific region, the company said late Monday.

The collaboration will also explore the opportunity to develop suitable policies and the potential development of carbon dioxide storage sites in other countries in the Asia Pacific region.