PETRONAS, DNV ink deal to support CCUS development
They will collaborate on technical and regulation areas, amongst others.
Malaysia's Petroliam Nasional Berhad (PETRONAS) and risk management and assurance expert DNV signed a memorandum of understanding to address challenges in the deployment of capture utilisation and storage (CCUS).
In a statement, DNV said the memo provides for their collaboration in the areas of technical matters including safety, environment, risk, technology, and qualification of the storage site, legislation and regulation, capability development, and commercial areas.
CCUS captures the carbon dioxide emission from industrial activities and could play a crucial role in the net-zero transition of Southeast Asia, according to DNV.
According to DNV’s Energy Transition Outlook 2021, fossil energy is the primary energy mix of Southeast Asia, and will remain dominant, accounting for 43% in 2030, and 53% in 2050, despite the strong growth of the renewable energy sector.
“Under this scenario, carbon capture and removal will be critical – because the emissions generated by fossil fuel use in hard-to-abate industrial applications will need to be addressed. In order to transition to clean energy, we need more tools beyond renewable energy and this tool kit must include CCUS,” said Brice Le Gallo, vice president and APAC director, Energy Systems at DNV.
“Implementing CCUS at scale will require navigating technology, business, regulations and policy which is why we believe this collaboration will be important for deployment in the region,” he added.