MOSCOW (MRC) -- Petronas has signed two Project Development Agreements with ExxonMobil Exploration and Production Malaysia Inc. (ExxonMobil) to jointly pursue Carbon Capture and Storage (CCS) activation projects in Malaysia, said the company.
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.
We remind, Italian energy group Eni is studying the possibility of developing and operating a biorefinery in Malaysia together with Japan's Euglena and Malaysia's Petroliam Nasional Berhad (Petronas). The plant would be based in the integrated refinery and petrochemical Pengerang Integrated Complex (PIC) in Southeast Asia, they said in a joint statement. An investment decision for the project is expected by 2023 and the plant is targeted to be completed by 2025.