REG-TotalEnergies SE TotalEnergies Partners with Petronas and Mitsui on a Carbon Storage Hub in Malaysia

TotalEnergies SEAnnouncement

26/06/2023 17:00

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TotalEnergies Partners with Petronas and Mitsui on a Carbon Storage Hub in
Malaysia

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces the signature of an
agreement with Petronas and Mitsui to develop a carbon storage project in
Southeast Asia. The partners will evaluate several CO(2 )storage sites in the
Malay Basin, including both saline aquifers and depleted offshore fields. This
partnership aims to develop a CO(2) merchant storage service to decarbonize
industrial customers in Asia.

This agreement was signed by Patrick Pouyanné, Chairman and CEO of
TotalEnergies, Tan Sri Tengku Muhammad Taufik, President and Group CEO of
Petronas, and Toru Matsui, Senior Executive Managing Officer of Mitsui &
Co., on the opening day of the inaugural Energy Asia event in Kuala Lumpur.

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 CO(2) 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. 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”, said Patrick Pouyanné, Chairman and CEO
of TotalEnergies.

“Petronas is proud to collaborate with forward-looking partners such as
TotalEnergies and Mitsui in developing solutions through CCS to move us closer
towards a lower-carbon future. The strategic partnership demonstrates
Petronas’ commitment to position Malaysia as a regional CCS hub to capture
opportunities in the energy transition with a focus on reducing the carbon
footprint of our operations to continue delivering the energy needs of
today”, said Tan Sri Tengku Muhammad Taufik, President and Group CEO of
Petronas.

“CCS is based on existing technologies and seen as an affordable solution to
decarbonize the hard-to-abate emitters. Mitsui will utilize its expertise in
the oil and gas upstream activities and extensive business networks to jointly
work with Petronas and TotalEnergies to develop a CCS value chain project in
Malaysia. Through the development of CCS business globally, Mitsui will
contribute to creating an eco-friendly society”, said Toru Matsui,
Representative Director, Senior Executive Managing Officer of Mitsui & Co.

About TotalEnergies and Carbon Storage

TotalEnergies’ focus is first to avoid then to reduce its emissions by
developing and deploying a systematic approach, asset-by-asset, to implement
the best available technologies. For residual emissions the Company is
developing industrial projects for carbon storage. Backed by core competencies
in large-scale project management, gas processing and geosciences,
TotalEnergies is on track to achieve its ambition of developing storage
capacity of 10 million metric tons of CO(2) per year by 2030 through
significant industrial projects such as Northern Lights in Norway and Aramis
in the Netherlands. Through all these projects, the Company will reduce its
own emissions and those of its customers.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in nearly 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).

TotalEnergies 

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