Japanese energy company Mistui is collaborating with two companies in energy transition ambitions with new memorandums of understanding.
The company’s exploration and production arm has joined a partnership with US-based Denbury Resources to explore carbon capture, utilisation and storage (CCUS) opportunities in the US Gulf of Mexico.
The evaluation will focus on capturing carbon dioxide from potential Mitsui projects along the US Gulf Coast and could identify other CCUS opportunities around the world.
“We are pleased to begin this exciting and impactful partnership with Denbury. Through this joint evaluation, we hope to deepen our relationship with Denbury to further develop our CCUS value chain in the US,” said Toru Matsui, chief operating officer of Mitsui’s energy business unit.
“Through our involvement in developing CCUS projects globally, Mitsui aims to achieve net-zero carbon emissions and create a sustainable and eco-friendly society.”
Mitsui also just signed a memorandum of understanding with seismic industry heavyweight PGS to develop and commercialise artificial intelligence (AI) solutions to visualise subsurface structures, which can be used in sectors like oil and gas, carbon capture and storage, geothermal energy, and offshore wind energy.
PGS will contribute seismic data, while a joint venture between Mistui and Preferred Networks, known as Mit-PFN Energy, will construct AI algorithms.
The technology is meant to reduce the time needed to develop images of subsurface structures and improve their accuracy, to be used primarily in clean energy efforts.
"Mitsui has identified the innovation and application of new digital technologies as a key area that will create new business opportunities and improve productivity across the group,” said Yasuchika Maruyama, general manager of Energy Business Unit I at Mitsui’s E&P division.
“This collaboration between [Mit-PFN Energy] and PGS is aligned with our digital strategy and will help to transform and grow our business model. We now look forward to working with PGS, and combining our respective areas of expertise, to apply the power of digital technology to help create a more sustainable energy industry to the benefit of society."