Petros, Petronas, and Japanese consortium ink deal for CO2 storage project

KUCHING: Petroleum Sarawak Berhad (Petros), Petronas, through its subsidiary CCS Ventures Sdn Bhd (Petronas CCS Ventures), and Japanese consortium parties comprising Japan Petroleum Exploration Co Ltd (Japex), JGC Holdings Corporation (JGC), and Kawasaki Kisen Kaisha Ltd (“K”LINE) signed a Storage Site Agreement (SSA) for the M3 depleted field offshore Sarawak, Malaysia, recently.
The SSA not only enables the feasibility studies of the CO2 storage sites, starting with the M3 depleted field (M3 CCS Project), but also the planning of relevant CO2 storage site development, including onshore terminals and transportation pipelines, as well as the assessment of its techno-commercial feasibility.
“This collaboration represents a significant advancement in the effort to reduce greenhouse gas emissions in the Asia Pacific (Apac) region, including Malaysia and Japan,” it said through a statement on Thursday (Feb 29).
The signatories of the SSA were Petros senior vice-president, Sarawak Resource Management, Nazrin Banu Shaikh S. Ahmad; Petronas CCS Ventures chief executive officer Emry Hisham Yusoff; Japex managing executive officer and president of Overseas Business Division II, Yamada Tomomi; JGC senior executive officer, Technology Commercialisation officer, Aika Masahiro; and “K”LINE managing executive officer, Carbon-Neutral Promotion, Kanamori Satoshi.
“As the Resource Manager for Carbon Capture, Utilisation and Storage (CCUS) in Sarawak, this step forward signifies our commitment as Sarawak’s economic growth engine leveraging CCUS as an enabler.
“This is the first project for the industry and the impetus to more low-carbon solution projects. We are pleased to share our commitment to Sarawak with Petronas and the Japanese Consortium who are participating with us in this CCUS project,” said Nazrin.
“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.
“By securely storing captured CO2 underground, CCS plays a pivotal role in decarbonising key industries, and it is hoped that this milestone will set an impetus for other CCS initiatives within Malaysia,” said Emry.
“We are very proud to work with Petronas CCS Ventures and Petros for this epochal project and believe that the expertise of each company can make a great contribution to realising the CCS value chain centered on Sarawak aiming at the decarbonization of the APAC region, including Japan,” said Yamada, representing the Japanese consortium parties.