Petronas – the Malaysian national oil company and Technip Energies – a leading engineering and technology company, partnered to work together to advance and commercialize carbon capture technologies.
Their goal is to accelerate the transition to net zero emissions and also help other operators in the oil and gas sector reduce their carbon emissions through the services and equipment they develop. They entered into a joint agreement announced on Tuesday, November 16th.
Regarding their strategic partnership, the Technip Energies chief executive Arnaud Pieton expressed his satisfaction saying their work together combines Technip Energies and Petronas respective experiences in the development of technologies for the capture and management of CO2.
The oil company Petronas will contribute with its Rotating Pack Bed assisted cryogenic CO2 recovery technology and its membrane-based CO2 recovery technology.
“PETRONAS leverages on innovations in a holistic approach towards its Net Zero Carbon Emissions 2050 aspiration and has identified carbon capture, utilization and storage (CCUS) technologies among core enablers towards achieving the ambition. We are excited about the many possibilities to be created under this collaboration between two companies equally passionate about advancing technologies that will mutually progress our sustainability agenda,” said Bacho Pilong, senior vice president of project delivery and technology at Petronas.
Petronas also announced this month another carbon capture partnership with oil giant Exxon. The two companies agreed to collaborate on potential carbon capture and storage projects in Malaysia that will expand their decarbonization efforts.
There is an increasing number of green initiatives coming from oil and gas companies across the globe in an effort to address the pressing need for reducing carbon emissions worldwide. CCUS is a preferred decarbonization method from the sector as it doesn’t eliminate the use of fossil fuels and it also cuts the amount of mounting greenhouse gases it emits daily.
Relevant: What Is Carbon Capture Technology?