The oil giant PETRONAS has signed a Memorandum of Understanding (MoU) with ExxonMobil Exploration and Production Malaysia Inc. to explore opportunities in carbon capture and storage (CCS) technologies to help decarbonise Malaysia Malaysia’s upstream industry and provide CO2 storage solutions for the region.
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.
The MoU signed by both the companies will help PETRONAS in its efforts to efficiently produce and optimise its oil and gas assets to generate the resources to fund growth, facilitate progress and allow the Company to decarbonise and reduce greenhouse gas emissions.This effort is one among many to position and establish Malaysia as a leading CCS solutions hub in the region.
PETRONAS Executive Vice President and Chief Executive Officer of Upstream, Adif Zulkifli, said:
“This collaboration is an important step to unlock the opportunities and potential of CCS in Malaysia through applied technologies and innovation, potentially helping us reach our net zero carbon emissions by 2050 aspiration amidst an evolving energy landscape.
“PETRONAS and ExxonMobil share a long-standing relationship that has seen multiple successful collaborations and business ventures between the two parties in Malaysia and abroad. We are proud of our partnership with ExxonMobil and look forward to achieving a shared ambition of delivering energy security and clean energy solutions.”
