Energy giants Petronas and ExxonMobil Exploration and Production Malaysia Inc. (ExxonMobil) have increased their focus on sustainability following the joint signing of two Project Development Agreements to pursue carbon capture and storage (CCS) activation projects in Malaysia.
The agreements will see both parties defining the 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 an advocacy plan support on regulations and policy development in enabling CCS projects.
Commenting on the deal, Emry Hisham Yusoff, Head of Carbon Management at Petronas, 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 stablishing Malaysia as a leading CCS hub in the region.”
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