Petronas has signed two project development agreements with ExxonMobil (NYSE:XOM) to jointly pursue carbon capture and storage (CCS) activation projects in Malaysia.
Under the agreements, both parties will define next steps, including the maturation of technical scopes for the CCS value chain, evaluation of the identified fields for CO2 storage utilisation, development of appropriate commercial framework and establishment of advocacy plan support on regulations and policy development in enabling CCS projects.
The agreements were signed by PETRONAS Head of Carbon Management, Emry Hisham Yusoff and ExxonMobil President, Shane Harris. PETRONAS Executive Vice President and Chief Executive Officer of Upstream, Datuk Adif Zulkifli and President of ExxonMobil Low Carbon Solutions, Asia Pacific, Irtiza Sayyed witnessed the signing. Also present was Vice President of ExxonMobil Low Carbon Solutions, Asia Pacific, Tracy Lothian.
Emry Hisham 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 decarbonisation 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, the state-backed firm said Friday.
