Earlier today Malaysia’s state-owned oil and gas giant Petronas, announced that it will be developing the Kasawari offshore carbon sequestration project at Sarawak.
According to a report by Reuters the project will be able to capture 3.3 metric tonnes of CO2 every year.
The chief executive of Petronas Carigali, the exploration and production unit of the company Hasliza Othman commented on the project’s announcement by saying: “This project is expected to become the catalyst in achieving end-to-end CCS capability development within Petronas and the first step in unlocking Malaysia’s potential as a regional CCS solutions hub.”
Financial details about the Petronas Kasawari project were not shared, but the project is seen as one with high priority for the company, as it has commited to achieve carbon neutrality by 2050.
Asian oil giants are accelerating their carbon capture programs, as the region . Recently CNOOC, Exxon and Shell announced that they will be jointly exploring the explore the feasability of large carbon capture hub in China.