Storegga joins forces with Petronas for CCS in Malaysia

Malaysian nationwide oil firm Petronas has signed a memorandum of understanding (MoU) with UK-based Storegga, a developer of carbon storage and clear fuels, to evaluate and decide the business, regulatory, and financial components wanted for the event of carbon seize and storage (CCS) hub and cluster initiatives in Malaysia.

Storegga mentioned yesterday that the transfer progresses each firms continued efforts to fight local weather change by means of the event of CCS and carbon administration globally.

“The phased work will discover collaboration on CCS and associated initiatives in Malaysia and internationally, together with the potential improvement of initiatives in direct air seize (DAC),” added the corporate.

Nick Cooper, CEO at Storegga, famous that “CCS is a crucial software. A reverse carbon cycle at scale is urgently wanted to scale back and take away CO₂ from the ambiance. We’re trying ahead to working with Petronas in Malaysia and past to catalyse CCS hubs and clusters. These hubs will speed up the event of vital carbon reversal applied sciences reminiscent of direct air seize. We now have one ambiance – it’s critical that nations all over the world work collectively to scale back and take away CO₂. We’re excited that this relationship additionally expands Storegga’s international presence and utilises our capabilities to help Asia’s progress in the direction of decarbonisation.”

Emry Hisham Yusoff, Head of Carbon Administration at Petronas mentioned “the collaboration undertaken by means of this MoU will look into the commerciality and different related environments to allow the CCS worth chain in Malaysia and/or regionally, bringing Petronas nearer in the direction of establishing Malaysia as a number one and engaging regional CCS options hub.”

In June, Petronas signed an MoU with Japan’s Mitsui for the conceptual and feasibility research on the CCS worth chain, together with the analysis of carbon dioxide (CO2) storage websites in Malaysia. Considerably, Mitsui is a shareholder in Storegga, that’s creating the Acorn CCS venture within the UK.

Final month Malaysia’s 2023 price range launched a raft of tax incentives for carbon seize and storage (CCS) because the nation goals to turn into a regional hub for the nascent sector.

Malaysia and Indonesia have been the primary nations in Southeast Asia to announce that carbon seize and storage (CCS) would play a job in decarbonising their industrial sectors. BP in Indonesia, and Petronas in Malaysia, introduced landmark initiatives within the oil and fuel business. Nonetheless, whereas Indonesia has began having the correct conversations round CCS, neighbouring Malaysia, and presumably even Thailand, seem like making extra progress inside the area, as Vitality Voice reported beforehand.