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Petronas, TotalEnergies and Mitsui ink carbon capture and storage project deal

6/27/2023

(Reuters) - Petronas said on Tuesday it has signed a development agreement with TotalEnergies Carbon Neutrality Ventures and Mitsui & Co. Ltd., to collaborate on a carbon capture and storage (CCS) project in Malaysia.

The agreement will cover all aspects of CCS development, from evaluating maturing depleted field and saline aquifers for storage, to identifying potential customers and establishing the necessary commercial and legal frameworks.

The deal, signed on Monday, follows a memoranda of understanding (MoU) signed by the companies earlier in 2022.

A carbon capture and storage (CCS) process captures carbon dioxide (CO2) generated from industrial activity, transports it, and then stores it underground.