PETRONAS, TotalEnergies and Mitsui Sign Joint Venture Agreement to Develop Carbon Storage Area in Southern CCS Hub

TOKYO, Oct 23 (Bernama) -- PETRONAS’ wholly-owned subsidiary, PETRONAS CCS Ventures Sdn. Bhd. (PCCSV), TotalEnergies EP CCS Malaysia (TotalEnergies) and Mitsui & Co., Ltd. (Mitsui) have signed a Joint Venture Agreement (JVA) to develop the CO2 storage areas offshore Peninsular Malaysia, a key component of Malaysia's Southern Carbon Capture and Storage (CCS) Hub.

The JVA builds from previous agreements signed by the partners on the Carbon Capture and Storage Development Agreement in 2023, where the parties had undertaken development studies and technical evaluations of potential storage areas offshore Peninsular Malaysia. In 2025, the parties progressed into a Key Principles Agreement, which laid the groundwork for front-end engineering and design (FEED) activities and the formation of the joint venture structure.