Latest news with #SarawakBidRound2024
Borneo Post
6 days ago
- Business
- Borneo Post
Sarawak bids to lead Asia in carbon storage with RM100 mln Petros initiative, says Deputy Premier
Awang Tengah says the initiative aims to build a globally competitive carbon storage portfolio, enhancing Sarawak's expertise, investment appeal, and progress towards a low-carbon, sustainable economy. – Photo by Sarawak Public Communications Unit KUCHING (May 28): Petroleum Sarawak Berhad (Petros) together with its investors has committed more than RM100 million to evaluate Sarawak's carbon storage potential and develop a comprehensive database, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan. He said the initiative aims to build a globally competitive carbon storage portfolio, enhancing Sarawak's expertise, investment appeal, and progress towards a low-carbon, sustainable economy. 'Petros, as the appointed resource manager, has launched the Sarawak Bid Round 2024 – Asia's first carbon storage-focused bid round – offering three offshore storage sites with significant geological potential. 'Petros is currently finalising the agreement and plans to award the successful bidders by end of Q2 2025,' he said during his ministerial winding-up speech here today. Awang Tengah added that Petros is positioning Kuching and Samalaju as key hubs for Carbon Capture, Utilisation and Storage (CCUS), supported by the development of advanced infrastructure to establish integrated carbon storage systems within the next decade. 'This initiative will enable Sarawak to provide carbon storage solutions for both domestic and international emitters, opening up new opportunities in the CCUS industry,' he said. He noted that Sarawak is poised to lead regional CCUS efforts, with the state holding more than 65 per cent of Malaysia's geological carbon storage potential. 'Sarawak is at the forefront of national and regional decarbonisation initiatives, driving sustainable solutions and reinforcing its key role in the global low-carbon economy,' he added. Awang Tengah carbon storage DUN Petros
New Straits Times
7 days ago
- Business
- New Straits Times
Petros to award offshore CCUS contracts by Q2
KUCHING: Petroleum Sarawak Bhd (Petros) plans to award contracts to the successful bidders of three offshore sites for carbon capture, utilisation and storage (CCUS) by the second quarter of this year. Deputy Premier Datuk Amar Awang Tengah Ali Hasan said Petros is currently finalising the agreements with the successful bidders for the offshore storage sites. "Petros, as the appointed resource manager, launched the Sarawak Bid Round 2024, offering three offshore storage sites with significant geological potential," Awang Tengah, who is also the state international trade, industry and investment minister, said in his winding-up speech in the State Legislative Assembly here today. He said Petros, together with investors, has committed over RM100 million to assess Sarawak's carbon storage potential and build a comprehensive database. "These efforts will create a globally competitive carbon storage portfolio, fortifying Sarawak's expertise, investment appeal and sustainable low-carbon economic growth," he said. He said Sarawak is poised to lead regional CCUS efforts, leveraging over 65 per cent of Malaysia's geological carbon storage potential. He said Sarawak is at the forefront of national and regional decarbonisation efforts, driving sustainable solutions and enhancing its pivotal role in the global low-carbon economy. Awang Tengah also said that Petros has expanded its upstream operations with 21 production sharing contracts, including 12 exploration projects and equity in five producing fields, achieving 100,000 barrels of oil equivalent per day. "The SK433 Adong Kecil West site in Miri will produce its first onshore oil next year," he said. Awang Tengah said the state oil company has committed RM8.5 billion in capital expenditure over the next three years for infrastructure development and resource commercialisation. He said that by 2030, the Sarawak Gas Roadmap (SGR) is expected to attract RM60 billion in investments and contribute significantly to Sarawak's economy. He said the initiatives reinforce Sarawak's leadership in sustainable energy, driving economic growth while advancing global decarbonisation efforts.
