The companies plan to jointly develop CCS projects in Malaysia.

By Shardul Sharma

Malaysia’s Petronas has signed two project development agreements with US energy major ExxonMobil to jointly pursue carbon capture and storage (CCS) projects in Malaysia, it said on January 27.

Under the agreements, both parties will delve into 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.

Petronas said the agreements are also part of its endevour 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.”