Petronas Signs Agreement With TotalEnergies and Mitsui & Co for Carbon Capture and Storage Project

By: Asia Business Outlook Team | Tuesday, 27 June 2023

On Tuesday, Petronas announced the signing of a development agreement with TotalEnergies Carbon Neutrality Ventures and Mitsui & Co. Ltd. to work on a carbon capture and storage (CCS) project in Malaysia.

The agreement will cover all phases of CCS development, including appraising mature drained field and saline aquifers for storage, finding possible clients, and developing the required commercial and regulatory frameworks.

The agreement, inked on Monday, follows prior memorandums of understanding (MoU) signed by the corporations in 2022.

Carbon dioxide (CO2) created by industrial activity is captured, transported, and stored underground using a carbon capture and storage (CCS) process.