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UPDATE 1-Chevron to launch carbon capture project in San Joaquin Valley

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(Updates with details on the project)

May 18 (Reuters) - Chevron Corp said on Wednesday it was launching a carbon capture and storage (CCS) project aimed at reducing the carbon intensity of its operations in San Joaquin Valley, California.

Oil, gas and chemical firms have embraced carbon capture and sequestration, which involves collecting and sinking greenhouse gas deep underground, to address investor demands to clean up operations and reduce pollution that contributes to global warming.

Chevron said it aims to cut its carbon intensity - the amount of carbon dioxide (CO2) emitted per unit of energy produced - by installing equipment that capture CO2 and then safely store it thousands of feet underground.

The CCS initiative would begin at Chevron's Kern River Eastridge cogeneration plant in Kern County, California, the oil major added in a statement. (Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)