herefore, the parties signed a memorandum of understanding on 27 January 2022. In the joint study, they will conduct an investigation of suitable sites for CCS and technical evaluations.
This will last for approximately 20 months.
Japex and Petronas will also consider methods to capture and transport CO2 from the Petronas LNG Complex in Bintulu and from outside Malaysia as a future possibility.
This study will include evaluations of storage capacity and technologies such as:
- optimal storage methods;
- optimal capture and transportation methods including estimation of emissions and capture volumes;
- monitoring method of CO2 stored underground.
The study will also cover economic evaluation, a study of possible business schemes, and research of applicable regulations.
Japex says it has been pursuing opportunities to contribute to net-zero CO2 emissions in Japan and overseas by using capabilities as well as its experiences, including the ones gained in CCS demonstration project in Japan.
At this time, the parties agreed to conduct the joint study with the same direction and objectives.
JAPEX has formulated the direction ‘JAPEX 2050: Toward a Carbon-Neutral Society’ in May 2020. Thus, it positioned turning carbon neutral into a profitable business based on CO2 injection and storage technologies.
Its contributions to the study will be in the technical aspect such as:
- selection of suitable site for CO2 storage;
- its transportation and monitoring methods acquired by past experiences at CCS verification tests in Japan;
- and also in the research and study of CCS related regulations in Japan and other countries. In May, 2021, the Japanese Government announced the Asia Energy Transition Initiative (AETI) that aims to support the achievement of sustainable economic growth and carbon neutrality in Asia.
JAPEX aspires to explore the potential of its competitive CCS Technologies application in the effort to realize AETI’s goal.