ExxonMobil to study CCS in Malaysia

ExxonMobil and state-owned Petronas have signed a memorandum of understanding (MoU) to evaluate the potential to jointly develop carbon capture and storage (CCS) projects in Malaysia.

The announcement came a week after the US major signed an MoU with Indonesia’s state-owned Pertamina, under which the two companies will assess carbon capture, utilisation and storage (CCUS) projects and hydrogen developments.

The International Energy Agency projects that CCS could mitigate up to 15% of global emissions by 2040, while the UN Intergovernmental Panel on Climate Change estimates global decarbonisation efforts could be twice as costly without its wide-scale deployment.