Malaysian state energy firm Petroliam Nasional (Petronas) will collaborate with Abu Dhabi National Oil Company (ADNOC) and U.K.-based Storegga to evaluate carbon dioxide emissions storage in Malaysia, the companies said on Tuesday.
The three companies have signed an agreement for assessing CO2 storage capabilities of saline aquifers and the construction of carbon capture and storage (CCS) facilities in the Penyu basin, offshore Peninsular Malaysia, they said in a joint statement.
The deal targets at least 5 million tonnes per annum of CO2 capture and storage capacity by 2030.
Malaysia has an abundance of deep saline aquifer reservoirs which presents an opportunity for the development of a CCS hub in Southeast Asia.
Activities under the agreement are scheduled to begin later this year, the companies added.