Petronas, TotalEnergies and Mitsui to develop CO2 storage area off Peninsular Malaysia

PETRONAS CCS Ventures (PCCSV), a wholly-owned subsidiary of Malaysia’s state-owned oil & gas firm Petronas, TotalEnergies EP CCS Malaysia and Mitsui & Co. have entered into a joint venture agreement (JVA) to develop a CO2 storage area offshore Peninsular Malaysia.

The partners previously signed a carbon capture and storage (CCS) agreement in 2023, as part of which they performed development studies and technical evaluations of potential storage areas offshore Peninsular Malaysia.

In 2025, the partnership progressed into a key principles agreement, which laid the groundwork for front-end engineering and design (FEED) activities and the formation of the joint venture structure.

With the JVA in place, the framework is set for incorporating a dedicated joint venture company to progress the development, commercialization, and operation of the carbon storage area offshore Peninsular Malaysia, described as a key component of Malaysia's Southern CCS Hub.

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