Image used for illustrative purpose only. Photo by Matthias Heyde on Unsplash
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Petronas subsidiary and Japanese firms sign CO2 storage agreement for Sarawak

A Petronas subsidiary and three Japanese firms have signed a Storage Site Agreement (SSA) as they look to unlock carbon capture and storage (CCS) opportunities in Sarawak.

The agreement involves Petroleum Sarawak Berhad (Petros), through its subsidiary CCS Ventures, and Japan Petroleum Exploration Co. (JAPEX), JGC Holdings Corporation and Kawasaki Kisen Kaisha (K Line) and concerns the M2 depleted offshore field.

The SSA not only enables the feasibility studies of the CO2 storage sites but also the planning of relevant CO2 storage site development, including onshore terminals and transportation pipelines, as well as assessment of its techno-commercial feasibility.

This collaboration represents “a significant advancement” in the effort to reduce greenhouse gas emissions in the Asia Pacific (APAC) region, including Malaysia and Japan, according to a Petronas statement.

Nazrin Banu Shaikh S. Ahmad, Petros Senior Vice President, Sarawak Resource Management, said this step forward signifies its commitment to growing Sarawak’s economy, leveraging on CCUS as an enabler.

Emry Hisham Yusoff, Petronas CCS Ventures CEO, said the collaboration is not just a strategic move to unlock potential CCS opportunities in Sarawak but necessary in addressing climate change as a collective action in achieving a low-carbon future.

He said, “By securely storing captured CO2 underground, CCS plays a pivotal role in decarbonising key industries, and it is hoped that this milestone will set an impetus for other CCS initiatives within Malaysia.”

Yamada Tomomi, JAPEX Managing Executive Officer and President of Overseas Business Division II, representing the Japanese Consortium Parties, described it as an “epochal project” and believes the expertise of each company can make a great contribution for realising the CCS value chain, centred on Sarawak, and decarbonising the APAC region.

The tie-up is the latest in a series of CCS agreements in the region.

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