PETRONAS, ADNOC, Storegga Join Hands for Major Carbon Capture Hub in Malaysia’s Penyu Basin
A groundbreaking deal for the environmental future of Southeast Asia was announced today by PETRONAS, ADNOC, and Storegga, who say the envisaged partnership will deliver a major CCS hub in the Penyu Basin, offshore Malaysia. The ambitious initiative is expected to cement Malaysia as a future leader in regional carbon storage while propelling the delivery of concrete climate sustainability initiatives.
Strategic CCS Initiative
Inking penning by JSDA represents a critical stride forward for the regional climate strategy. The three industry giants will collaborate in identifying saline aquifer potentials in the Penyu Basin, offshore Peninsular Malaysia, for storing carbon dioxides. These facilities will be developed to store at least 5 million tonnes of CO2 annually by the year 2030.
“This agreement with ADNOC and Storegga potentially allows us to develop our competence in developing and de-risking saline aquifers” said Nora’in Md Salleh, Chief Executive Officer, PETRONAS CCS Solutions Sdn. Bhd. According to her, the partnership is also in line with PETRONAS’ aspiration to place Malaysia as a regional CCS hub in the Asia-Pacific.
Regional Leadership and Technological Advancement
Together with technology, Malaysia’s geological potential for CO2 storage would strategize to locate itself within the ambit of global carbon management. The JSDA, in turn, involves the research on studies associated with the shipping and logistics of CO2, geophysical and geomechanical modeling outcomes, reservoir simulation-related activities, and containment research. Added to this will be the application of cutting-edge technologies such as AI to improve storage capacity and efficiency in CCS facilities.
Hanan Al-Mansouri, Senior Vice President for New Energies at ADNOC, explained that carbon capture will become an important component in the global drive to reduce emissions. “Carbon capture is key technology to responsibly reduce carbon emissions, and ADNOC shall continue to advance this technology in its quest toward its Net Zero by 2045 aspiration. We look forward to further collaboration with trusted global partners like PETRONAS and Storegga,” added Balalaa.
Economic and Environmental Impact
This collaboration helps to underline Malaysia’s standing commitment to climate action and to build stronger links in economic cooperation between Malaysia and the United Arab Emirates. This will enable greater, large-scale industrial decarbonization and regional climate objectives by integrating state-of-the-art CCS technology with Malaysia’s geological advantages.
A new partnership can now be created with the potential to deliver a world-class CCS hub and large-scale industrial decarbonization,” said Tim Stedman, CEO of Storegga. This partnership brings Storegga into the mix as a CCS technology leader, offering important added dimensions of experience and innovation in the project.
What’s Next?
The JSDA’s activities are expected to start later this year, with the launching of this long-awaited milestone for the global carbon management landscape. The CCS hub would significantly make its contribution to learning and technology development in CO2 storage and may set the new standards for carbon capture and storage practices all over the world.
With this alliance among PETRONAS, ADNOC, and Storegga, they stand firm in the fight against climate change by showing a shared commitment to sustainable development and innovative solutions, or in other words, delivering innovation. As the global community seeks to find ways and means to achieve some levels of success in reducing carbon footprints, this initiative puts into perspective what is indeed important to achieve some level of these environmental goals: cooperation at national and international levels, as well as technological advancement.
In essence, this collaboration to build a major CCS Hub in Malaysia’s Penyu Basin is going to be more than impactful for regional and global decarbonization. Through advanced technology and strategic collaboration, the path to a more sustainable future in carbon management unfolds with the combined efforts of PETRONAS, ADNOC, and Storegga.