PETRONAS, TotalEnergies, and Mitsui & Co. have signed a joint venture agreement to develop offshore carbon dioxide storage areas off Peninsular Malaysia. The project is part of the Southern Carbon Capture and Storage Hub and targets a depleted gas field with capacity to inject up to five million tonnes of CO2 per year. The partners aim for first injection by 2031, but the final investment decision is still pending. Mitsui brings commercial development, investment, and logistics expertise to the JV, while PETRONAS handles subsurface and project management and TotalEnergies contributes global CCS experience. The hub is designed to accept CO2 from domestic and regional sources, including potential cross-border shipments. The next milestone is the investment decision, with Mitsui's six-month results due November 4, 2026.
