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KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) has signed a memorandum of understanding (MoU) with DNV, an independent expert in risk management and assurance.

The tie-up is to address the technical, regulatory and business challenges of carbon capture utilisation and storage (CCUS) deployment.

In a statement, DNV said the two parties plan to collaborate on initiatives and activities related to CCUS deployment by leveraging each organisation’s technical skills, resources and research capabilities.

The scope of collaboration covers technical matters (including safety, environment, risk, technology and the qualification of storage sites), legislation and regulation, capability development and commercial areas.

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According to DNV, the MoU was inked on July 8, 2022, between PETRONAS senior general manager of carbon management Emry Hisham Yusoff and DNV vice-president and regional director (Asia-Pacific energy systems) Brice Le Gallo.

DNV business development head (CCUS, energy systems) Jamie Burrows said the collaboration will spur the advancement of CCUS not only in Malaysia but across the region.

“CCUS will play a crucial role in Asia’s energy transition. Through this initiative, we aim to address a number of areas fundamental to the establishment of regional hubs and thereby enable greater access to CCUS infrastructure,” he added.

This project, which enables the capture of carbon dioxide emissions from industrial activities, could play a crucial role in South-East Asia’s transition to net zero, DNV said. — Bernama