PETRONAS’ wholly-owned subsidiary, PETRONAS CCS Ventures Sdn Bhd (PCCSV), has been granted an Offshore Assessment Permit for Carbon Capture and Storage (CCS) for the Duyong area by the Malaysia Carbon Capture, Utilisation, and Storage (MyCCUS) Agency on 10 October 2025.

This is the first permit issued under the newly enacted Carbon Capture, Utilisation, and Storage Act [Act 870] (CCUS Act 2025) gazetted on 1 October 2025, marking a historic milestone for Malaysia’s energy sector.

The Offshore Assessment Permit grants the exclusive rights to conduct comprehensive offshore geological assessments over the Duyong field, located offshore Peninsular Malaysia. This permit enables the ongoing collaboration between PCCSV, TotalEnergies and Mitsui & Co., Ltd. (MITSUI) under the Key Principles Agreement (KPA) dated July 2025 to continue advancing studies and evaluation of the Duyong area’s potential as a carbon storage site, which is part of the Southern CCS offshore hub development.

“The granting of the Offshore Assessment Permit by the MyCCUS Agency represents a critical milestone for the Duyong CCS project,” said Emry Hisham Yusoff, Chief Executive Officer of PCCSV. “This permit allows our collaboration with TotalEnergies and MITSUI to advance to the next phase of technical studies and evaluations, bringing us closer to realising Duyong’s potential as a safe and commercially viable carbon dioxide (CO₂) storage site. It reinforces PETRONAS’ commitment towards reducing emissions and offering decarbonisation solutions to our customers and partners.”

All assessment activities will be conducted in full compliance with the CCUS Act 2025 and its Offshore Permit and Licensing Regulations 2025, adhering to national laws and relevant guidelines to determine the site’s technical and commercial feasibility.

The KPA enables PCCSV, TotalEnergies, and MITSUI to lay the foundation for the front-end engineering design (FEED) phase for the Duyong area. This partnership paves the way for the first-of-its-kind integrated CCS solution for industries in the Asia Pacific region. The agreement builds upon the initiatives outlined in the CCS Development Agreement signed by PETRONAS, TotalEnergies, and MITSUI in 2023.

The permit issuance marks a pivotal step in building Malaysia’s carbon capture and storage industry, positioning the nation as a regional leader in cross-border CO₂ collaboration and responsible energy transition. This milestone reinforces PETRONAS’ leadership in lower-carbon technologies and its commitment through PCCSV to advance CCS as a key pathway toward Net Zero by 2050, supporting regional and global climate goals.

About Petronas

Petroliam Nasional Berhad (PETRONAS) is a global energy company committed to producing and delivering energy and solutions needed to advance society responsibly and sustainably.

As Malaysia’s national oil and gas company, we safeguard and manage the nation’s hydrocarbon resources. Our aim is to maximise value through our integrated business model to meet the energy needs of the nation and our customers across the globe. Our portfolio includes oil and gas, petrochemicals, petroleum products, as well as a range of cleaner energy solutions.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

About Mitsui

Mitsui & Co., Ltd. is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries. Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world's main mega-trends: sustainability, health & wellness, digitalization, and the growing power of the consumer.