PETRONAS has signed two Project Development Agreements with ExxonMobil Exploration and Production Malaysia to jointly pursue Carbon Capture and Storage 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 follow the signing of a Memorandum of Understanding 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.
PETRONAS has signed two Project Development Agreements with ExxonMobil Exploration and Production Malaysia to jointly pursue Carbon Capture and Storage 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 follow the signing of a Memorandum of Understanding 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.
