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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: Petronas, Malaysia’s state energy firm, has partnered with Abu Dhabi National Oil Company (ADNOC) and UK-based Storegga to evaluate carbon capture and storage (CCS) opportunities in Malaysia
• The collaboration will focus on assessing CO2 storage capabilities in saline aquifers within the Penyu basin, offshore Peninsular Malaysia
🔭 The context: This initiative is part of Malaysia's broader strategy to leverage its extensive deep saline aquifer reservoirs for developing a CCS hub in Southeast Asia
• The agreement aims to establish a CO2 capture and storage capacity of at least 5 million tonnes annually by 2030, contributing to regional decarbonization efforts
🌍 Why it matters for the planet: Effective CCS solutions are crucial for mitigating carbon emissions and meeting global climate targets
• By advancing CCS technology, this project could significantly reduce the carbon footprint of the energy sector in Southeast Asia
⏭️ What's next: Activities under this agreement are set to commence later this year, marking the beginning of a critical phase in the development of CCS infrastructure in the region
💬 One quote: The companies stated that this collaboration "presents an opportunity for the development of a CCS hub in Southeast Asia"
📈 One stat: The project targets capturing and storing at least 5 million tonnes of CO2 per year by 2030
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