Press Release: The Nippon Foundation recently signed, Dec 6th, a Memorandum of Understanding (MoU) with the international offshore technology development consortium DeepStar*1 for the establishment of a joint research and development program. Under this agreement, DeepStar and The Nippon Foundation will jointly work to promote decarbonization in the field of offshore oil and natural gas, with a focus on renewable energy and the environment.
The program is being launched with a budget of up to $10 million (roughly 1.1 billion yen) through 2026, to promote decarbonization in the field of offshore oil and natural gas.
Beginning with the promotion of the shipbuilding business, The Nippon Foundation has been engaged in various projects in the field of offshore development, and in recent years has focused on training engineers specializing in offshore development and technological innovation (The Nippon Foundation Ocean Innovation Consortium).*2 The Foundation has been cooperating with DeepStar for research and development in the field of offshore oil and gas since 2018, when the two parties launched a joint research and development program. With the signing of this MoU, the two parties 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. Building on the 2018 MoU, the Foundation and DeepStar have signed this new MoU to enhance their cooperation in the promotion of decarbonization in the field of offshore oil and natural gas.
Header image: From left: Yohei Sasakawa (Chairman, The Nippon Foundation) , Mitsuyuki Unno (Executive Director, The Nippon Foundation), Shakir Shamshy (Director, DeepStar), Pat Toomey（Manager, DeepStar）