KUALA LUMPUR (Nov 9): Petroliam Nasional Bhd (Petronas) has inked a memorandum of understanding (MoU) with ExxonMobil Exploration and Production Malaysia Inc (ExxonMobil) to jointly explore opportunities in carbon capture and storage (CCS) technologies to help decarbonise Malaysia’s upstream industry and provide CO2 storage solutions for the region.
In a statement on Tuesday (Nov 9), national oil company Petronas said that under the terms of the MoU, both parties will assess the viability of potential CCS projects in selected locations offshore Peninsular Malaysia and identify suitable technology within the scope of carbon capture, transport and storage for potential application.
It said the companies will also share subsurface technical data to enable CO2 storage assessment and characterisation.
Relevant data related to pipelines, facilities and wells will also be shared to evaluate potential reutilisation of existing infrastructure for transport and storage in selected locations.
Petronas said the MoU supports its continuous efforts to efficiently produce and optimise its oil and gas assets to generate resources to fund growth, facilitate progress and allow the company to decarbonise and reduce greenhouse gas emissions.
The national oil company said this is also one of the many efforts to position and establish Malaysia as a leading CCS solutions hub in the region.
Petronas said it is taking deliberate steps to build a resilient and sustainable portfolio to support the transition towards low-to-zero carbon energy sources.
It said these include developing, testing and piloting a suite of technologies in its first offshore CCS project set for CO2 injections in 2025, adding that it is also pursuing more zero continuous flaring and venting of hydrocarbons to reduce emissions while continuing to reshape its portfolio mix for cleaner sources of energy.