Petronas CCS Ventures and DNV Ink Master Price Agreement to Certify CO2 Storage Sites For CCS Projects in Malaysia

Malaysia’s national oil company and energy group Petronas’ wholly-owned subsidiary, Petronas CCS Ventures Sdn Bhd (Petronas CCS Ventures) and Det Norske Veritas (DNV), an international accredited registrar and classification society headquartered in Norway, have signed a Master Price Agreement for the certification of carbon dioxide (CO2) storage sites and associated facilities for Carbon Capture and Storage (CCS) projects in Malaysia.

This agreement builds on a Memorandum of Understanding signed between Petronas and DNV in 2022, during which strategic working groups delved into topics relevant to CCS.

Petronas is committed to achieving net zero carbon emissions by 2050 and has established growth targets for cleaner energy solutions including CCS. Substantial progress has already been made, with the Kasawari CCS project currently in construction, several CCS hubs in development, and major international agreements having been announced.

“Petronas CCS Ventures is pleased to join forces with DNV and embark on another journey towards solidifying Malaysia’s position as a leading hub for CCS in Southeast Asia. This agreement signifies Petronas CCS Ventures’ dedication in ensuring that our CCS development meets international standards, as we harness our strategic resources and expertise to drive meaningful change in the region’s energy landscape,” said Emry Hisham Yusoff, Chief Executive Officer of Petronas CCS Ventures.

DNV said it is ideally positioned to help Petronas ensure that the emerging Malaysian CCS industry adheres to international standards and best practices. DNV has been involved in the development of CCS facilities globally for more than 20 years, delivering specialist services spanning the entire CCS value chain.

“This strategic partnership between DNV and Petronas CCS Ventures marks a defining moment in advancing CCS technology in Malaysia and the broader Asian region. It is a testament to our commitment to sustainability and our role in spearheading the transition towards a low-carbon future. Together, we are setting a new standard for industry collaboration and innovation in the pursuit of the region’s net zero by 2050 goal,” said Brice Le Gallo, Vice President and Regional Director APAC, Energy Systems at DNV.