Major Partnership Formed to Establish Carbon Storage Hub in Southeast Asia: TotalEnergies, Petronas, and Mitsui Team Up

Major Partnership Formed to Establish Carbon Storage Hub in Southeast Asia: TotalEnergies, Petronas, and Mitsui Team Up

(IN BRIEF) TotalEnergies has formed a partnership with Petronas and Mitsui to develop a carbon storage project in Southeast Asia. The collaboration will assess potential CO2 storage sites in the Malay Basin, including saline aquifers and depleted offshore fields. The aim is to establish a CO2 merchant storage service to support the decarbonization efforts of industrial customers in Asia. The agreement reflects the companies’ commitment to advancing carbon capture and storage (CCS) solutions and developing a regulatory framework for the project. TotalEnergies plans to leverage its CCS expertise to achieve a carbon storage capacity of 10 million tons per year by 2030. Petronas seeks to position Malaysia as a regional CCS hub, while Mitsui aims to contribute to the creation of an eco-friendly society.

(PRESS RELEASE) PARIS, 26-Jun-2023 — /EuropaWire/ — TotalEnergies (EPA:TTE), a global multi-energy company with over 100,000 employees and presence in more than 130 countries as well as the world’s 3rd-largest low-carbon LNG company, has announced it has signed an agreement with Petronas and Mitsui to collaborate on the development of a carbon storage project in Southeast Asia. The partnership aims to evaluate potential CO2 storage sites in the Malay Basin, including saline aquifers and depleted offshore fields. Together, the companies aim to establish a CO2 merchant storage service to support the decarbonization efforts of industrial customers in Asia.

The agreement, signed by Patrick Pouyanné, Chairman and CEO of TotalEnergies, Tan Sri Tengku Muhammad Taufik, President and Group CEO of Petronas, and Toru Matsui, Senior Executive Managing Officer of Mitsui & Co., marks a significant milestone on the opening day of the inaugural Energy Asia event in Kuala Lumpur.

As countries like South Korea and Japan commit to Net Zero by 2050, establishing a Carbon Capture and Storage (CCS) value chain to address challenging industrial emissions requires a tailored regulatory framework and substantial investments. Through this partnership, the companies will assess potential storage sites, determine the most suitable technical solutions to transport CO2 to Malaysia from regional industrial clusters, and develop a commercial framework for carbon storage services in Malaysia.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, expressed the company’s commitment to the partnership: “TotalEnergies is pleased to collaborate with Petronas and Mitsui on a Carbon Storage hub in Malaysia to support decarbonization efforts in Asia. Leveraging our strong expertise in CCS, including ongoing projects in Europe, such as the integrated project in Norway starting next year, we aim to meet our carbon storage capacity target of 10 million tons per year by 2030.”

Tan Sri Tengku Muhammad Taufik, President and Group CEO of Petronas, highlighted the strategic significance of the partnership: “Petronas is proud to collaborate with forward-looking partners like TotalEnergies and Mitsui in developing CCS solutions to advance towards a lower-carbon future. This strategic partnership reflects Petronas’ commitment to position Malaysia as a regional CCS hub, seizing opportunities in the energy transition and reducing the carbon footprint of our operations while meeting today’s energy demands.”

Toru Matsui, Representative Director and Senior Executive Managing Officer of Mitsui & Co., emphasized the importance of CCS in decarbonization efforts: “CCS is an affordable solution based on existing technologies to decarbonize hard-to-abate emitters. Mitsui will leverage its expertise in oil and gas upstream activities and extensive business networks to work jointly with Petronas and TotalEnergies in developing a CCS value chain project in Malaysia. By advancing CCS projects globally, Mitsui aims to contribute to the creation of an eco-friendly society.”

About TotalEnergies and Carbon Storage

TotalEnergies is dedicated to avoiding and reducing emissions through the implementation of the best available technologies on an asset-by-asset basis. For residual emissions, the company is actively pursuing industrial carbon storage projects. Leveraging its expertise in large-scale project management, gas processing, and geosciences, TotalEnergies is on track to achieve its target of developing a storage capacity of 10 million metric tons of CO2 per year by 2030 through significant projects such as Northern Lights in Norway and Aramis in the Netherlands. These projects will not only reduce the company’s emissions but also those of its customers.

About TotalEnergies

TotalEnergies is a global multi-energy company involved in the production and marketing of oil, biofuels, natural gas, green gases, renewables, and electricity. With over 100,000 employees, TotalEnergies is committed to providing affordable, cleaner, reliable, and accessible energy to as many people as possible. Operating in nearly 130 countries, the company prioritizes sustainable development across all its projects and operations to contribute to the well-being of individuals and communities.

Media contacts:

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

SOURCE: TotalEnergies