TotalEnergies Partners with Petronas and Mitsui on a Carbon Storage Hub in Malaysia
26 Junho 2023 - 12:52PM
Business Wire
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces the
signature of an agreement with Petronas and Mitsui to develop a
carbon storage project in Southeast Asia. The partners will
evaluate several CO2 storage sites in the Malay Basin, including
both saline aquifers and depleted offshore fields. This partnership
aims to develop a CO2 merchant storage service to decarbonize
industrial customers in Asia.
This agreement was signed by Patrick Pouyanné, Chairman and CEO
of TotalEnergies, Tan Sri Tengku Muhammad Taufik, President and
Group CEO of Petronas, and Toru Matsui, Senior Executive Managing
Officer of Mitsui & Co., on the opening day of the inaugural
Energy Asia event in Kuala Lumpur.
In Asia, where countries such as South Korea and Japan have
pledged for Net Zero Commitment in 2050, the development of a
Carbon Capture and Storage (CCS) value chain for hard-to-abate
industrial emissions will require a specific regulatory framework
and significant investment. Through this agreement, the partnership
will study several potential storage sites, determine the best
technical means to deliver CO2 to Malaysia from industrial clusters
in the region and develop the most appropriate business framework
for commercialization of a carbon storage service in Malaysia.
“TotalEnergies is pleased to join forces with Petronas and
Mitsui on a Carbon Storage hub in Malaysia to support
decarbonization in Asia. We will bring to the partnership our
strong CCS expertise, anchored in Europe with a first integrated
project in Norway due to start next year and several other projects
that will contribute to meeting our carbon storage capacity target
of 10 million tons per year by 2030”, said Patrick Pouyanné,
Chairman and CEO of TotalEnergies.
“Petronas is proud to collaborate with forward-looking partners
such as TotalEnergies and Mitsui in developing solutions through
CCS to move us closer towards a lower-carbon future. The strategic
partnership demonstrates Petronas’ commitment to position Malaysia
as a regional CCS hub to capture opportunities in the energy
transition with a focus on reducing the carbon footprint of our
operations to continue delivering the energy needs of today”, said
Tan Sri Tengku Muhammad Taufik, President and Group CEO of
Petronas.
“CCS is based on existing technologies and seen as an affordable
solution to decarbonize the hard-to-abate emitters. Mitsui will
utilize its expertise in the oil and gas upstream activities and
extensive business networks to jointly work with Petronas and
TotalEnergies to develop a CCS value chain project in Malaysia.
Through the development of CCS business globally, Mitsui will
contribute to creating an eco-friendly society”, said Toru
Matsui, Representative Director, Senior Executive Managing Officer
of Mitsui & Co.
About TotalEnergies and Carbon Storage
TotalEnergies’ focus is first to avoid then to reduce its
emissions by developing and deploying a systematic approach,
asset-by-asset, to implement the best available technologies. For
residual emissions the Company is developing industrial projects
for carbon storage. Backed by core competencies in large-scale
project management, gas processing and geosciences, TotalEnergies
is on track to achieve its ambition of developing storage capacity
of 10 million metric tons of CO2 per year by 2030 through
significant industrial projects such as Northern Lights in Norway
and Aramis in the Netherlands. Through all these projects, the
Company will reduce its own emissions and those of its
customers.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and
markets energies: oil and biofuels, natural gas and green gases,
renewables and electricity. Our more than 100,000 employees are
committed to energy that is ever more affordable, cleaner, more
reliable and accessible to as many people as possible. Active in
nearly 130 countries, TotalEnergies puts sustainable development in
all its dimensions at the heart of its projects and operations to
contribute to the well-being of people.
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Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company”
in this document are used to designate TotalEnergies SE and the
consolidated entities that are directly or indirectly controlled by
TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also
be used to refer to these entities or to their employees. The
entities in which TotalEnergies SE directly or indirectly owns a
shareholding are separate legal entities. This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the
most recent Universal Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in
the Form 20-F filed with the United States Securities and Exchange
Commission (SEC).
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