PETRONAS, Exxon Mobil to pursue two CCS projects in Malaysia
(WO) – PETRONAS and ExxonMobil have agreed to pursue two Carbon Capture and Storage (CCS) projects in Malaysia.
The deals state that both companies will define the maturation of technical scopes for the CCS value chain. They will jointly evaluate previously identified fields for CO2 storage utilization while developing a commercial framework. Additionally, the companies will establish an advocacy plan regarding the CCS projects’ regulations and policies.
Emry Hisham, PETRONAS Head of Carbon Management said, “PETRONAS is proud to work with its long-standing partner, ExxonMobil to pursue CCS projects together, aligning our shared aspiration to deliver energy solutions in a responsible and sustainable manner. This collaboration further strengthens PETRONAS’ commitment in providing decarbonization solutions, aligned with our aspiration in establishing Malaysia as a leading CCS hub in the region.”
The agreements follow the signing of a Memorandum of Understanding (MoU) between both companies in November 2021. It is also part of PETRONAS’ deliberate steps to build a sustainable portfolio with innovative solutions to produce energy responsibly, supporting the transition to a lower carbon future through collaborative efforts with industry partners.