TotalEnergies, Petronas, and Mitsui have signed an agreement to develop a carbon storage project in Southeast Asia. The partnership will assess various CO2 storage sites in the Malay Basin, including saline aquifers and depleted offshore fields. The objective is to create a carbon storage service to help decarbonize industrial customers in Asia. With countries like South Korea and Japan committing to net-zero emissions by 2050, the development of a Carbon Capture and Storage (CCS) value chain will require a regulatory framework and substantial investment. The partnership will study potential storage sites, determine the technical means to transport CO2 to Malaysia, and establish a suitable business framework for commercializing the carbon storage service in the country.

Source: Businesswire.com