DNV and PETRONAS CCS Ventures Sdn Bhd, a fully-owned subsidiary of PETRONAS, have recently signed a Master Price Agreement to certify carbon dioxide (CO2) storage sites and associated facilities for carbon capture and storage (CCS) projects in Malaysia.

This agreement follows a Memorandum of Understanding signed between DNV and PETRONAS in 2022, where strategic working groups explored topics pertinent to CCS.

“The collaboration between DNV and PETRONAS CCS Ventures represents a crucial advancement in CCS technology within Malaysia and the wider Asian region. It underscores our commitment to sustainability and our leadership in driving the transition to a low-carbon future. Together, we are establishing a new benchmark for industry collaboration and innovation to achieve the region’s net zero by 2050 goal,” stated Brice Le Gallo, Vice President and Regional Director APAC, Energy Systems at DNV.

“PETRONAS CCS Ventures is pleased to join forces with DNV, marking another significant stride in positioning Malaysia as a premier hub for CCS in Southeast Asia. This agreement highlights our commitment to ensuring that our CCS projects adhere to international standards. By leveraging our strategic resources and expertise, we aim to drive substantial change in the region's energy landscape,” said Emry Hisham Yusoff, Chief Executive Officer of PETRONAS CCS Ventures.

PETRONAS has pledged to achieve net zero carbon emissions by 2050 and has set growth targets for cleaner energy solutions, including CCS. Significant progress is already underway, with the Kasawari CCS project under construction, multiple CCS hubs in development, and several major international agreements announced.

DNV is well-equipped to assist PETRONAS in ensuring the Malaysian CCS industry meets international standards and best practices. With over 20 years of experience in developing CCS facilities worldwide, DNV provides specialized services across the entire CCS value chain.

DNV is an independent authority in assurance and risk management. Guided by their mission to protect life, property, and the environment, DNV provides customers and stakeholders with reliable insights and factual data, enabling confident decision-making. As a trusted advisor to many leading global organizations, DNV leverages their expertise to enhance safety and performance, establish industry benchmarks, and create innovative solutions to address global challenges. DNV is the world’s foremost classification society and a trusted advisor to the maritime industry. They provide globally acclaimed testing, certification, and technical advisory services across the entire energy value chain, including renewables, oil and gas, and energy management. As one of the leading certification bodies worldwide, DNV helps businesses ensure the performance of their organizations, products, personnel, facilities, and supply chains.