PETRONAS and ExxonMobil sign agreements to develop CCS projects

Inspenet, February 2, 2023

PETRONAS and ExxonMobil Exploration and Production Malaysia Inc. (ExxonMobil) signed two agreements to develop carbon capture and storage (CCS) trigger projects in Malaysia.

Both parties will define the next steps, including the maturation of the technical scopes for the CCS value chain, the evaluation of the fields identified for the use of CO storage2, the development of an adequate commercial framework and the establishment of a plan to support the development of policies and regulations.

The agreements were signed by PETRONAS’s Head of Carbon Management, Emry Hisham Yusoff, and ExxonMobil Chairman, Shane Harris. PETRONAS Executive Vice President and General Manager Upstream Datuk Adif Zulkifli and ExxonMobil Low Carbon Solutions President, Asia Pacific Irtiza Sayyed witnessed the signing. Also present was ExxonMobil Low Carbon Solutions Vice President, Asia Pacific, Tracy Lothian.

The agreements follow the signing of a Memorandum of Understanding (MoU) between both companies in November 2021. It is also part of PETRONAS’s deliberate steps to build a sustainable portfolio with innovative solutions to produce energy responsibly, supporting the transition to a lower carbon future.

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