PARIS— TotalEnergies has signed an agreement with Petronas and Mitsui to develop a carbon storage project in Southeast Asia.
The partners will evaluate several CO2 storage sites in the Malay Basin, including both saline aquifers and depleted offshore fields. The Malay Basin is located offshore in the South China Sea.
This partnership aims to develop a CO2 merchant storage service to decarbonize industrial customers in Asia.
In Asia, where countries such as South Korea and Japan have pledged for Net Zero Commitment in 2050, the development of a 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 CO2 to Malaysia from industrial clusters in the region and develop the most appropriate business framework for commercialization of a carbon storage service in Malaysia.
