Mitsui Oil Exploration Co., Ltd, ("MOECO"), a wholly owned subsidiary of Mitsui & Co., Ltd. ("Mitsui"; Head Office: Chiyoda-ku, Tokyo; President: Kenichi Hori) and Chevron New Energies Japan GK. ("Chevron") have agreed to conduct pilot tests of a developing novel geothermal technology known as advanced closed loop (ACL).
ACL technology involves constructing underground loop wells and supplying water from the surface to generate electricity by utilizing underground heat. It does not require direct extraction of hot water or steam from underground, as is the case with conventional geothermal power generation, thereby substantially reducing the uncertainties and challenges of survey and development. ACL is attracting attention worldwide as a new technology and is expected to be a game changer in promoting geothermal development. Major energy companies aiming for decarbonization are participating in test projects utilizing this new geothermal technology in North America and Europe.
The pilot test using this ACL technology will be conducted in the Niseko region of Hokkaido, Japan, with the aim of commercializing geothermal power generation based on ACL technology. MOECO and Chevron will look at commercial applications based on the learnings from this pilot both in Japan and overseas, leveraging the longstanding relationship between the two companies that has developed through partnering for more than 40 years in traditional upstream energy development in the Asia Pacific region.
Mitsui is committed to contributing to the stable supply of environmentally responsible energy and achieving improved standards of living and facilitating the sustainable development of society through the promotion of renewable energy projects such as geothermal power generation.
Image of ACL technology
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Secure sustainable supply of essential products” and “Create an eco-friendly society”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity