PETRONAS has entered two project development agreements with ExxonMobil Exploration and Production Malaysia Inc (ExxonMobil) that will see the two parties jointly pursue carbon capture and storage (CCS) activation projects in Malaysia.
Under the agreements, the partnering companies will work on defining the following steps which include maturing technical scopes for the CCS value chain, evaluating the identified fields for carbon dioxide storage utilisation and establish an advocacy plan to support regulations and policy development in regards to enabling the CCS projects.
Head of carbon management, Emry Hisham Yusoff, commented that the collaboration further strengthens the company’s commitment to provide decarbonisation solutions, aligned with its aspiration in establishing Malaysia as a leading CCS hub in the region.
"Petronas is proud to work with its long-standing partner, ExxonMobil, to pursue CCS projects together, aligning our shared aspiration to deliver energy solutions responsibly and sustainably.”
This is also in line with 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.