KUALA LUMPUR, July 20 – PETRONAS, TotalEnergies, and Mitsui have signed a Development Agreement to jointly pursue a Carbon Capture and Storage (CCS) project in Malaysia. The agreement aims to develop an integrated CCS solution for industries in the Asia Pacific region, with a focus on reducing carbon emissions and advancing the energy transition. The Development Agreement, signed by PETRONAS President and Group CEO Tan Sri Tengku Muhammad Taufik, Chairman and CEO of TotalEnergies SE Patrick Pouyanné, and Representative Director, Senior Executive Managing Officer of Mitsui & Co.
Toru Matsui, covers various aspects of CCS development. This includes evaluating depleted fields and saline aquifers for carbon storage, identifying potential customers, and establishing the necessary commercial and legal frameworks. Tan Sri Tengku Muhammad Taufik expressed pride in collaborating with forward-looking partners like TotalEnergies and Mitsui to develop CCS solutions that move towards a lower-carbon future. The partnership demonstrates PETRONAS’ commitment to position Malaysia as a regional CCS hub and seize opportunities in the energy transition while reducing the carbon footprint of their operations.
Patrick Pouyanné stated that TotalEnergies is pleased to join forces with PETRONAS and Mitsui to establish a carbon storage hub in Malaysia, supporting decarbonization efforts in Asia. TotalEnergies brings its strong CCS expertise to the partnership, leveraging projects in Europe, including an integrated project in Norway scheduled to begin next year. The company aims to achieve a carbon storage capacity target of 10 million tons per year by 2030. Toru Matsui highlighted that CCS is seen as an affordable solution to decarbonize hard-to-abate emitters.
Mitsui, leveraging its expertise in oil and gas upstream activities and extensive business networks, will work jointly with PETRONAS and TotalEnergies to develop a CCS value chain project in Malaysia. Mitsui aims to contribute to creating an eco-friendly society through the development of CCS businesses globally. The agreement builds upon the Memoranda of Understanding signed by PETRONAS, TotalEnergies, and Mitsui in 2022. PETRONAS collaborates with industry partners as part of its commitment to accelerate a sustainable portfolio and produce energy responsibly in alignment with its Net Zero Carbon Emissions by 2050 Pathway.
The collaboration between PETRONAS, TotalEnergies, and Mitsui in the CCS project marks a significant step toward advancing carbon reduction efforts in Malaysia and the broader Asia Pacific region. It demonstrates the commitment of these industry leaders to drive the energy transition and contribute to the creation of a more sustainable future.