Both parties will be evaluating potential CO2 storage sites offshore Peninsular Malaysia
by TMR / Pic by TMR FILE
PETROLIAM Nasional Bhd (Petronas) has signed a memorandum of understanding (MoU) with Mitsui & Co Ltd for the conceptual and feasibility studies on carbon capture and storage (CCS) value chain, including the evaluation of CO2 storage sites in Malaysia.
Under the MoU, both parties will evaluate potential CO2 storage sites offshore Peninsular Malaysia in line with Petronas’ aim to establish Malaysia as a CCS regional hub in the Asia Pacific.
The scope of collaboration covers the evaluation of other CCS value chain, capturing and gathering strategy of CO2 from various industries, competitive transportation of the CO2 and emerging technology in direct air capture.
Both companies will leverage the combined strength, network and expertise each other to progress in these areas.
The MoU was signed in a virtual ceremony on June 13, 2022, by Petronas head of carbon management Emry Hisham and Mitsui GM of sustainability energy development division energy business unit I and head of Mitsui Global E&P Group Yasuchika Maruyama.
“Through this collaboration, Petronas can leverage Mitsui’s experience in its CCS project in the UK, which is the first CO2 appraisal and storage license issued by the UK’s Oil and Gas Authority,” Emry said in a statement today.
“We are confident that the feasibility studies will bring about valuable contributions in unlocking CCS potential in Malaysia. This is one of the many efforts to establish Malaysia as a leading CCS solutions hub in the region,” he added.
This collaboration is part of Petronas’ deliberate steps to build a sustainable portfolio to support the transition towards climate change and subsequently participate in lower carbon energy play, through collaborative efforts with industry partners.