This permit will be evaluated as part of a larger hub designed for storing third-party emissions, including those generated by CVX's liquefied natural gas ("LNG") operations.The strategic importance of this permit cannot be overstated. As part of a joint venture, CVX will hold a 70% interest, while Woodside Energy Ltd., an Australian oil and gas exploration and production company, will hold the remaining 30% stake. In addition, CVX has agreed to farm down 5% of its equity in the permit to GS Caltex of Korea, subject to regulatory approval.