The Nippon Foundation, DeepStar Sign MoU to Promote Decarbonization in Offshore Oil, Natural Gas Development [2021/12/24]
At a virtual ceremony to sign a Memorandum of Understanding between The Nippon Foundation and DeepStar on December 6, 2021. From left: the author, Mr. Mitsuyuki Unno, executive director of the foundation, and Mr. Shakir Shamshy and Mr. Pat Toomey, director and manager, respectively, of DeepStar.
The Nippon Foundation and the international offshore technology development consortium DeepStar have signed a Memorandum of Understanding (MoU) on a joint research and development program.
The signing took place between Mr. Mitsuyuki Unno, executive director of The Nippon Foundation, and Mr. Shakir Shamshy, director of DeepStar, in the presence of the author and Mr. Pat Toomey, manager of the consortium, at a virtual ceremony on December 6.
With a budget of up to $10 million through 2026, the two parties will jointly work to promote decarbonization in the field of offshore oil and natural gas, with a focus on renewable energy and the environment.
DeepStar is an international offshore technology development consortium comprising such “supermajors” as Chevron (U.S.) and Shell (U.K., the Netherlands) and other “upstream” oil companies around the world that are engaged in the exploration, development and production of offshore oil and natural gas around the world as well as companies, universities, research institutes and other organizations that provide products and services to these upstream companies.
The Nippon Foundation and DeepStar have been developing new technologies related to automation and efficiency in offshore oil and gas development under the joint program launched in 2018.
With the signing of the new MoU, the two parties will aim to strengthen their collaboration by consolidating industry, technology and expertise, with a focus on improving the environment, renewable energy and safety, in response to heightened global awareness of carbon neutrality and other environmental issues.
The foundation will support the activities of Japanese companies and DeepStar will provide Japanese firms with expertise and testing fields for offshore development.
The joint research and development will be carried out as per one of the following seven development themes:
At the ceremony, Mr. Toomey said this partnership will “address many of the technology needs currently being faced by offshore operators,” adding that Japanese companies will help develop new technologies and capabilities to improve offshore safety, environmental performance, reliability and efficiency.
In my remarks, I said that the global movement toward carbon neutrality and decarbonization, such as the use of renewable energy and hydrogen, has been accelerating day by day, adding: “I suggest we become leaders in the future Japanese and the global offshore development market focusing on the environment by creating new innovations with DeepStar.”
In offshore development, it is vital to develop new technologies, such as reducing environmental impact while generating marine energy power or by backfilling CO2 to the seabed, and make them ready for commercialization by 2026. With the latest MoU, we were taking our first step to achieve this objective.
Diagram showing structure of the MoU between The Nippon Foundation and DeepStar.
The text of my remarks at the signing ceremony can be seen here.
This is my last blog for 2021.
Wishing you peace, love and joy from The Nippon Foundation.
Thank you for your continued support and friendship.
We look forward to working with you in 2022 and beyond.