Malaysian oil and gas company, Petronas has signed two project development agreements with American multinational oil and gas corporation, ExxonMobil to jointly pursue carbon capture and storage (CCS) activation projects in Malaysia.
Under the agreements, both parties will define next steps, including the maturation of technical scopes for the CCS value chain, evaluation of the identified fields for CO2 storage utilisation, development of appropriate commercial framework and establishment of advocacy plan support on regulations and policy development in enabling CCS projects.
Head of carbon management at Petronas, Emry Hisham says, ‘Petronas is proud to work with its long-standing partner, ExxonMobil to pursue CCS projects together, aligning our shared aspiration to deliver energy solutions in a responsible and sustainable manner. This collaboration further strengthens Petronas’ commitment in providing decarbonisation solutions, aligned with our aspiration in establishing Malaysia as a leading CCS hub in the region.’
The agreements follow the signing of a memorandum of understanding (MoU) between both companies in November 2021.
