Petronas, TotalEnergies and Mitsui Ink Carbon Capture and Storage Development Agreement

Malaysia’s national oil company and energy group Petronas signed a Development Agreement with TotalEnergies Carbon Neutrality Ventures (TotalEnergies), and Mitsui & Co (Mitsui), to jointly pursue a Carbon Capture and Storage (CCS) project in Malaysia.

The scope of the agreement covers all aspects of CCS development from evaluating maturing depleted field and saline aquifers for storage to identifying potential customers and establishing the necessary commercial and legal frameworks.

This partnership also paves the way for the first-of-its-kind integrated CCS solution for industries in the Asia Pacific region.

The agreement will take forward the initiatives outlined in the respective Memoranda of Understanding signed by Petronas, TotalEnergies and Mitsui in 2022.

In line with its net zero Carbon Emissions by 2050 Pathway, Petronas said it is collaborating with industry partners in developing a sustainable portfolio to produce energy responsibly.

Chairman and CEO of TotalEnergies SE, Patrick Pouyanné said: “TotalEnergies is pleased to join forces with Petronas and Mitsui on a carbon storage hub in Malaysia to support decarbonisation in Asia.”

“We will bring to the partnership our strong CCS expertise, anchored in Europe with a first integrated project in Norway due to start next year and several other projects that will contribute to meeting our carbon storage capacity target of 10 million tons per year by 2030.”