Petros and Posco Group Join Forces to Develop Carbon Capture and Storage Business in Sarawak

Petros, a state-owned oil and gas company, has signed a memorandum of understanding with the Posco Group from Korea to collaborate in the development of carbon capture and storage business in Sarawak. The MoU was witnessed by the Premier of Sarawak and the four companies will conduct a joint study on potential carbon storage sites in Sarawak based on data provided by Petros. The CCS business aims to promote the development of Sarawak’s massive sour gas reserves, ensure long-term energy security for the state, create more local jobs in this green industry and provide an additional revenue source to the state.

Carbon Capture and Storage Business in Sarawak

Sarawak is one of the leading states in Malaysia for carbon capture and storage (CCS) business. According to a recent report, the state has invested over RM1 billion into CCS projects since 2015. This investment has resulted in the creation of over 5,000 jobs in Sarawak’s CCS industry. In addition, Sarawak has also seen an increase in its carbon dioxide emissions reduction rate from 2% to 8% since 2017. This is due to the implementation of various CCS technologies such as bioenergy with carbon capture and storage (BECCS), direct air capture (DAC), and enhanced oil recovery (EOR). Furthermore, Sarawak is also home to several large-scale CCS projects that are expected to reduce up to 1 million tonnes of CO2 emissions annually by 2025.
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Picture source: Jason Blackeye