Petros and Posco Group Sign MOU to Develop Carbon Capture and Storage Business in Sarawak

Petros, a state-owned oil and gas company in Sarawak, Malaysia, has signed a memorandum of understanding with the Posco Group from Korea to collaborate in the development of carbon capture and storage (CCS) business in Sarawak. The agreement was witnessed by the Premier of Sarawak and other government officials. The four companies will conduct joint studies on potential carbon storage sites based on data provided by Petros, transportation of carbon dioxide from Korea to CCS hub in Sarawak, CO2 injection and sequestration, and solutions to reduce greenhouse gas emissions arising from CCS opportunities. The CCS industry aims to promote the development of Sarawak’s sour gas reserves and provide long-term energy security for the state as well as additional revenue sources for the state.

Carbon Capture and Storage (CCS) in Sarawak

Sarawak is one of the leading states in Malaysia in terms of Carbon Capture and Storage (CCS). According to the Sarawak Energy Berhad, CCS has been implemented in the state since 2011. In 2019, Sarawak had captured and stored over 1 million tonnes of carbon dioxide emissions from its power plants. This is equivalent to removing more than 2 million cars from the roads for a year. Additionally, Sarawak has also invested heavily in renewable energy sources such as solar and biomass, with plans to increase its renewable energy capacity by up to 20% by 2025. These efforts have resulted in a reduction of carbon dioxide emissions from power plants by more than 40%.
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Picture source: Shaun Dakin