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Adnoc eyes carbon capture and storage sites in Malaysia: Adnoc inked a joint study and development agreement with Malaysian energy outfit Petronas and UK-based Storegga to assess the feasibility of CO2 storage in saline aquifers and developing carbon capture and storage facilities in the Penyu Basin in Malaysia, according to a press release. The three plan to kick off the study later this year.
The details: The project targets at least 5 mn tonnes per annum of carbon capture and storage capacity by 2030. The agreement also includes a study on CO2 shipping and logistics, geophysical and geomechanical modeling, and the application of advanced technologies, such as artificial intelligence, to enhance storage capacity. Activities under the agreement are expected to commence later this year.
Background- Adnoc made its first international equity investment in carbon management back in January, when it took a 10.1% stake in Storegga. The oil giant allocated USD 15 bn last year to low-carbon solutions and decarbonization technologies and aims to capture 10 mn tons of CO2 annually by 2030.
Not Adnoc’s first CCS venture: Adnoc invested USD 15 bn last year in a partnership with the Fujairah Natural Resources Corporation, renewables developer Masdar, and Omani carbon removal and mineralization outfit 44.01 to pilot technology to permanently mineralize CO2 in rock formations located in Fujairah. The firm also announced a final investment decision to set up one of the MENA region’s largest carbon capture projects last September — with the aim to capture and store 1.5 mn tons annually of CO2 within geological formations underground — and signed an agreement with Occidental Petroleum to explore potential investment opportunities in CCS hubs in the UAE and US.
