Petronas, TotalEnergies, and Mitsui & Co. Sign Joint Venture Agreement to Advance the Development of a Carbon Storage Center in Southern Malaysia

On October 23, Petronas, TotalEnergies, and Mitsui & Co. announced the signing of a joint venture agreement to jointly develop a carbon dioxide storage area offshore Peninsular Malaysia as an important component of the Southern Carbon Capture and Storage Center in Malaysia. The first phase of the project plans to utilize a depleted gas field offshore Peninsular Malaysia, with an expected injection capacity of up to 5 million tons of carbon dioxide per year, targeting the earliest start of injection in 2031. The three parties will establish a dedicated joint venture company to advance project development, commercialization, and operations, and to further refine the technical and commercial plans before the final investment decision.