ADNOC, PETRONAS, Storegga Launch CCS Project in Malaysia

ADNOC, PETRONAS, and Storegga have signed a Joint Study and Development Agreement (JSDA) to explore carbon capture and storage (CCS) in Malaysia's Penyu basin, aiming for a capacity of at least 5 million tonnes of CO2 per annum by 2030. The collaboration will assess the feasibility of using saline aquifers for CO2 storage, conduct geophysical and geomechanical modeling, and investigate the integration of AI to optimize storage efficiency. PETRONAS views this partnership as a step towards establishing Malaysia as a CCS hub in Southeast Asia, aligning with national climate goals and the upcoming CCUS bill expected by the end of 2024. The project is poised to commence later this year, leveraging Malaysia's geological resources for significant decarbonization efforts. This initiative strengthens ties between the UAE and Malaysia, enhancing bilateral economic partnerships in renewable energy and infrastructure. The expertise of Storegga is expected to bolster the project's success, positioning it as a leader in the CCS sector.