Malaysia's Petronas, Japanese group sign carbon storage deal for depleted offshore site (updated)

Japan Petroleum Exploration Co

29/02/2024 07:33

(Adds more details in paragraphs 3 and 4)
       Feb 29 (Reuters) - Petronas  IPO-PETO.KL  said on
Thursday it had signed a deal with a Petroleum Sarawak and a
Japanese consortium to explore the feasibility of carbon capture
and storage (CCS) at its depleted M3 offshore field in Sarawak,
Malaysia.
    Petronas unit Petronas CCS Ventures signed the deal with the
consortium, which consists of Japan Petroleum Exploration
 1662.T  and Kawasaki Kisen Kaisha  9107.T  among others.
    Besides exploring feasibility studies of carbon storage
sites, starting with M3, the group will also plan to develop
these sites, Petronas said in a statement.
    "This 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," Petronas CCS Ventures CEO Emry Hisham Yusoff
said.

 (Reporting by Archishma Iyer in Bengaluru; Editing by Rashmi
Aich and Savio D'Souza)
 ((Archishma.Iyer@thomsonreuters.com;))