KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has signed two project development agreements with ExxonMobil Exploration and Production Malaysia Inc to jointly pursue carbon capture and storage (CCS) activation projects in Malaysia.
Under the agreements, both parties will define the following steps, including the maturation of technical scopes for the CCS value chain and evaluating the identified fields for carbon dioxide storage utilisation in enabling the CCS projects.
Petronas head of carbon management Emry Hisham Yusoff said the collaboration further strengthens the group's commitment to providing decarbonisation solutions, aligned with its aspiration to establish Malaysia as a leading CCS hub in the region.
"Petronas is proud to work with its long-standing partner, ExxonMobil, to pursue CCS projects together, aligning our shared aspiration to deliver energy solutions responsibly and sustainably," he said in a statement.
The agreements were signed by Emry and ExxonMobil president Shane Harris.
Petronas executive vice president and chief executive officer of upstream Datuk Adif Zulkifli and ExxonMobil Asia Pacific president of low carbon solutions Irtiza Sayyed witnessed the signing.
Also present was ExxonMobil Asia Pacific vice president of low carbon solutions Tracy Lothian.
The agreements follow the signing of a Memorandum of Understanding (MoU) between 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.