TotalEnergies, Petronas, and Mitsui have joined hands to develop a carbon storage project in Southeast Asia. The partnership is aiming to evaluate several CO(2) storage sites in the Malay Basin, including both saline aquifers and depleted offshore fields, for the development of a CO(2) merchant storage service to decarbonize industrial customers in Asia.
The agreement was signed by Patrick Pouyanné, Chairman and CEO of TotalEnergies; Tan Sri Tengku Muhammad Taufik, President and Group CEO of Petronas; and Toru Matsui, Senior Executive Managing Officer of Mitsui & Co., on the opening day of the inaugural Energy Asia event in Kuala Lumpur.
Developing CCS Value Chain for Hard-to-Abate Industrial Emissions
Asian countries, such as South Korea and Japan, have pledged to achieve Net Zero Commitment by 2050. However, developing a Carbon Capture and Storage (CCS) value chain for hard-to-abate industrial emissions in the region will require a specific regulatory framework and significant investment.
Through this agreement, the partnership will study several potential storage sites, determine the best technical means to deliver CO(2) to Malaysia from industrial clusters in the region, and develop the most appropriate business framework for commercialization of a carbon storage service in Malaysia.
TotalEnergies, Petronas, and Mitsui Partner for Carbon Storage in Malaysia
TotalEnergies, Petronas, and Mitsui have joined forces to develop a carbon storage hub in Malaysia. The project aims to support decarbonization efforts across Asia and position Malaysia as a regional hub for carbon capture and storage (CCS).
Patrick Pouyanné, Chairman and CEO of TotalEnergies, expressed his excitement about the partnership: “We will bring to the partnership our strong CCS expertise, anchored in Europe with a first integrated project in Norway due to start next year and several other projects that will contribute to meeting our carbon storage capacity target of 10 million tons per year by 2030.”
Tan Sri Tengku Muhammad Taufik, President and Group CEO of Petronas, also highlighted the company’s commitment to reducing its carbon footprint: “The strategic partnership demonstrates Petronas’ commitment to position Malaysia as a regional CCS hub to capture opportunities in the energy transition with a focus on reducing the carbon footprint of our operations to continue delivering the energy needs of today.”
Mitsui & Co’s Representative Director and Senior Executive Managing Officer, Toru Matsui, mentioned that CCS is an affordable solution to decarbonize “hard-to-abate” emitters: “Mitsui will utilize its expertise in the oil and gas upstream activities and extensive business networks to jointly work with Petronas and TotalEnergies to develop a CCS value chain project in Malaysia. Through the development of CCS business globally, Mitsui will contribute to creating an eco-friendly society.”
TotalEnergies is set to start its first integrated project in Norway next year and has several other ongoing projects that will contribute to its carbon storage capacity target. Petronas aims to position Malaysia as a regional CCS hub, while Mitsui brings its extensive knowledge in oil and gas upstream activities.
About TotalEnergies and Carbon Storage
TotalEnergies: A Commitment to Sustainable Development
TotalEnergies is a global multi-energy company that prioritizes sustainable development in all of its operations. With over 100,000 employees in nearly 130 countries, TotalEnergies produces and markets a variety of energies including oil and biofuels, natural gas and green gases, renewables, and electricity.
A Systematic Approach to Emissions Reduction
TotalEnergies’ focus is first to avoid, then to reduce its emissions with a systematic approach, asset-by-asset, implementing the best available technologies. For residual emissions, the company is developing industrial projects for carbon storage. Backed by core competencies in large-scale project management, gas processing, and geosciences, TotalEnergies aims to develop storage capacity of 10 million metric tons of CO(2) per year by 2030 through significant industrial projects such as Northern Lights in Norway and Aramis in the Netherlands. Through all these projects, TotalEnergies will reduce its own emissions and those of its customers.
About TotalEnergies
TotalEnergies is more than just an energy company – it strives to make energy more affordable and accessible while also being cleaner and more reliable. The company is committed to sustainable development in all its dimensions, contributing to the well-being of people.
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Introduction
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