KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has signed two project development agreements with ExxonMobil Exploration and Production Malaysia Inc (ExxonMobil) to jointly pursue carbon capture and storage (CCS) activation in Malaysia.
Under the agreements, both parties will define the next steps, including maturing technical scopes for the CCS value chain, evaluating the identified fields for carbon dioxide storage utilisation, developing an appropriate commercial framework and establishing an advocacy plan to support regulations and policy development to enable CCS projects.
The agreements follow the signing of a memorandum of understanding between both companies in November 2021, a statement from Petronas said today.
"It is also part of Petronas’ deliberate steps to build a sustainable portfolio with innovative solutions to produce energy responsibly, supporting the transition to a lower carbon future through collaborative efforts with industry partners,” the national oil company said.
Its head of carbon management Emry Hisham Yusoff said the collaboration further strengthens the company’s commitment to provide decarbonisation solutions, aligned with its aspiration in establishing Malaysia as a leading CCS hub in the region. - Bernama