Exxon announced on November 8th that it has signed a memorandum of understanding with Petronas, the state-owned energy company of Malaysia to collaborate on potential carbon capture and storage projects in Malaysia.
The two companies will assess the viability of carbon capture projects in certain locations offshore Peninsular Malaysia. They will also share subsurface technical and infrastructure data for pipelines, facilities, and wells as they assess the potential for transport, storage, and reutilization of captured CO2.
“With joint collaboration and well-designed policies, we can use our capabilities to develop projects that progress reliable, safe, and ready-to-deploy technologies at a scale that could significantly reduce emissions throughout Malaysia,” said Joe Blommaert, president of ExxonMobil Low Carbon Solution.
Exxon has earlier announced that it will be examining several regions around the world for the expansion of carbon capture technologies. It is planning to build carbon capture hubs in an effort to decarbonize operations from heavy industries.
The company is also eyeing Southeast Asia for large-scale carbon capture and storage projects that have the greatest potential to deliver emissions reductions. It announced a new partnership last week during the COP26 conference with the Indonesian oil and gas corporation Pertamina that would expand carbon capture in the region. The projects in Indonesia have been estimated to cost the company a substantial $500 million in investment.
ExxonMobil has already signed nine carbon capture and storage deals since March this year when the company announced the establishment of its Low Carbon Solutions business. Other planned projects are located in Houston, LaBarge, Edmonton, St Fergus, Fife, Normandy, Indonesia, and Russia.
Exxon is betting on carbon capture and storage technologies as a pathway towards achieving low carbon goals. The fast-paced deployment of the technology would show its viability and whether it is useful as a climate change mitigation solution.