PETRONAS AND STOREGGA JOIN FORCES ON CCS

3rd Nov 2022

Storegga, the independent developer of carbon storage and clean fuels, and PETRONAS, the national oil and gas company of Malaysia, have signed a memorandum of understanding (MOU) to assess and determine the commercial, regulatory, and economic factors required for the development of carbon capture and storage (CCS) hub and cluster projects in Malaysia and potentially beyond. The move progresses both firms’ continued efforts to combat climate change through the development of CCS and Carbon Management globally. The phased work will explore collaboration on CCS and related projects in Malaysia and internationally, including the potential development of projects in direct air capture (DAC).

Dr Nick Cooper, CEO at Storegga, said:

“CCS is a vital tool.  A reverse carbon cycle at scale is urgently needed to reduce and remove CO₂ from the atmosphere. We are looking forward to working with PETRONAS in Malaysia and beyond to catalyse CCS hubs and clusters. These hubs will accelerate the development of important carbon reversal technologies such as direct air capture. We have one atmosphere – it is vital that countries around the world work together to reduce and remove CO₂. We are excited that this relationship also expands Storegga’s global presence and utilises our capabilities to support Asia’s progress towards decarbonisation.”

Emry Hisham Yusoff, Head of Carbon Management at PETRONAS, said:

“The collaboration undertaken through this MOU will look into the commerciality and other associated environments to enable the CCS value chain in Malaysia and/or regionally, bringing PETRONAS closer towards establishing Malaysia as a leading and attractive regional CCS solutions hub.

This collaboration is part of PETRONAS’ deliberate steps to build a sustainable portfolio with innovative solutions to produce energy responsibly, supporting the transition to a lower carbon future through collaborative efforts with industry partners.”

For further information please contact:

Dentons Global Advisors

Jennifer Walmsley, Fern Duncan, Leah Dudley at Dentons Global Advisors

Storegga@dentonsglobaladvisors.com / +44 20 7664 5086

Notes to Editors:

About the MOU

The purpose of the MOU between Storegga and PETRONAS can be split into two phases. The first is to work together to develop the CCS commercial strategy and to establish enablers and associated drivers with a view to initiating the potential development of CCS hub and cluster projects in Malaysia and/or regionally, and with affiliates internationally. Areas of potential cooperation include sharing knowledge on the global status of CCS, the economics of CCS, and potential business models as well as developing integrated solutions for emitters.

The second phase involves Storegga and PETRONAS exploring collaboration on CCS or related projects in Malaysia and internationally as well as the development of projects adjacent to CCS such as DAC. 

About PETRONAS

Petroliam Nasional Berhad (PETRONAS) is a global energy and solutions company, ranked amongst the largest corporations on Fortune Global 500®.

We seek opportunities in energy investments both in hydrocarbon and renewables across the globe and maximise value through our integrated business model. Our portfolio includes conventional and unconventional resources as well as a diverse range of fuel lubricant, and petrochemical products. This is further strengthened with a successful product delivery track record. Our customers are at the heart of everything that we do, and our businesses are anchored on meeting their needs.

Our technology is our differentiator and the key to ensuring excellence in all that we offer – energy, products, and solutions, as well as unlocking new business frontiers. Sustainability is at the core of everything that we do, as we believe in harnessing the good in energy to add quality to everyday lives. People are our strength and partners for growth. We believe in progressing with our partners in addressing the evolving needs in today’s changing energy landscape.

About Storegga

Storegga Limited is an independent, UK-based decarbonisation development business. It develops early-stage carbon capture and storage, direct air capture, and hydrogen projects in the UK and internationally to contribute to achieving net zero targets.  The company employs approximately 80 people in the UK, US, and Singapore, with its head office in London. 

Storegga is a private company backed by GIC, Mitsui & Co., Ltd., M&G Investments, Macquarie Group and Snam.

Storegga is the lead developer of the Acorn Carbon Capture and Storage and Hydrogen project in Aberdeen, Scotland.  The Acorn Project will provide critical backbone infrastructure for the Scottish Cluster. The Scottish Cluster unites communities, industries and businesses to deliver CCS, hydrogen and other low carbon technologies, supporting Scotland, the UK and Europe to meet net zero goals.  The business is also developing Europe’s largest direct air capture plant in Aberdeen, as part of the Scottish Cluster.

The company also announced Scotland’s first green hydrogen project in Cromarty with Scottish Power in May 2022. Storegga backs both the Cromarty and North East Scotland green freeport bids.

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