TotalEnergies has signed an agreement with Petronas and Mitsui to develop a carbon storage project in Southeast Asia. The partners will evaluate several CO2 storage sites in the Malay Basin, including both saline aquifers and depleted offshore fields. This partnership aims to develop a CO2 merchant storage service to decarbonize industrial customers in Asia.
In Asia, where countries such as South Korea and Japan have pledged for Net Zero Commitment in 2050, the development of a carbon capture and storage (CCS) value chain for hard-to-abate industrial emissions 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 CO2 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 is pleased to join forces with Petronas and Mitsui on a Carbon Storage hub in Malaysia to support decarbonization in Asia,” said Patrick Pouyanné, chair and CEO of TotalEnergies. “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.”