☰
Petronas has reportedly teamed up with Sarawak Shell Bhd in a joint study and collaboration agreement (JSCA) to explore opportunities and assist Malaysia in carbon capture and storage (CCS) and carbon dioxide (CO2) storage solutions.
Under the terms of the JSCA, the two oil companies will meet their decarbonization objectives by implementing an integrated CCS Area Development Plan in selected areas of Sarawak.
According to Petronas, the agreement includes providing decarbonization services to Shell's on-and off-shore facilities. It also stated that the study will result in the identification of potential areas for future alliances.
Sources claim that Ivan Tan, Chairman and Senior VP of Upstream Malaysia, represented Shell on the matters of discussion.
Adif Zulkifli, executive VP and CEO of Upstream, who signed the agreement in place of Petronas, stated that the company has always had successful and longstanding ties with Shell, and this latest partnership will be no different.
As a result of their shared ambition, he assured that this endeavor will contribute to obtaining more innovative solutions for carbon emissions and sustainable energy output.
Zulkifli further added that these initiatives will help Malaysia position itself as a leading CCS hub while also achieving Petronas' net-zero carbon emission goals by 2050, for which the Malaysian oil giant is already pursuing zero continuous flaring and hydrocarbon venting.
It is worth noting that Petronas previously attempted to discover possibilities in CCS technologies by signing a memorandum of understanding with ExxonMobil Exploration and Production Malaysia Inc.
The agreement was to enable CO2 storage for Malaysian regions and to support the upstream industry's decarbonization actions.
In the same line, the company also signed an MoU in December 2021 with Posco International Corp. and Posco Engineering & Construction Co. Ltd. to evaluate potential means of CO2 transportation, storage for future use, and to identify the scope of carbon-capturing technology.
Meanwhile, Petronas has taken remarkable steps toward constructing a resilient and sustainable portfolio to support the transition to lower-carbon energy sources.
Source credit:
Chinese property giant Evergrande has announced new debt restructuring plans for offshore debt worth USD 20 billion. This move has emerged as a motivational step for other struggling developers as well. The restructuring plan will help the firm in...
Planet Based Foods Global Inc. has reportedly announced its decision to expand its distribution in the West and Midwest. Following the expansion, the company’s products will be available in stores like Smith’s and Mariano’s. The com...
The stocks of local banks in Singapore have declined significantly, due to the crisis affecting the second-largest bank in Switzerland, Credit Suisse, and the failure of a chain of banks in the United States of America. Credit Suisse fell by 30% on W...
© 2023 groundalerts.com. All Rights Reserved.
