Chevron will acquire and surrender 5.23 million tons of greenhouse gas offsets to make up for the carbon dioxide injection shortfall at its Gorgon carbon capture and storage(CCS)project in Australia. The Australian offset market is relatively small and sensitive to market signals so Chevron will spread the transaction over time in order to avoid causing a signifi cant short-term increase in the price of Australian offsets. The transaction is expected to be completed by July next year.
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