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Direct from the Source
    Carbon storage big industry in the making
    Published On: 19-May-2022

    ​Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg has come in for praise for incorporating the subject of carbon storage in proposed amendments to the Land Code.

    Datuk Mong Dagang (GPS-Bukit Begunan) who hailed his far-sightedness said with the amendment, Sarawak may be the first state in Malaysia to provide for regulation to ensure proper development and disposal of carbon dioxide (C02).

    “Bear in mind that our state is also a major producer of oil and gas that emit carbon dioxide to the atmosphere.

    “So the introduction of laws and regulations on carbon storage reinforces the state government’s firmness and seriousness to tackle climate change,” he said in support of the amendment Bill in his debate speech on Wednesday (May 18).

    Citing reports from Wikipedia, he said the global carbon capture, utilisation and storage market stood at $1.9 billion in 2020 and is expected to reach at least $7 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.8 per cent from 2021 to 2030.

    “From this report carbon storage could be an important sector which the state could possibly explore and develop in the future,” he added.

    He also mentioned that according to reports, Petronas has signed a joint study and collaboration with Shell Sarawak Bhd to explore opportunities and project collaboration in carbon capture and storage to help provide carbon dioxide storage solutions in Malaysia and the region.

    “Among others, under the joint study and collaboration agreement, Petronas and Shell will perform an integrated carbon capture storage area development plan study to support the decarbonisation ambition of both parties within selected locations offshore Sarawak.

    “The scope of the agreement includes exploring the provision of the decarbonisation service to Shell’s local and across border facilities as well as other potential regional customers.

    “As I said earlier, carbon storage could be another big industry for the state in the future,” he said.

    Source: New Sarawak Tribune Online
    Category: OIL & GAS INDUSTRY