Oil majors like Exxon Mobil, Shell, and Chevron explore carbon capture and storage (CCS) projects in Indonesia and Malaysia for potential multi-billion-dollar revenue amid global emission reduction pressure.

Oil majors like Exxon Mobil, Shell, and Chevron are exploring carbon capture and storage (CCS) projects in Southeast Asia as a potential multi-billion-dollar revenue stream amid global pressure to reduce fossil fuel emissions. Indonesia and Malaysia, with their capacity to store CO2 underground, are the main locations for these companies. The International Energy Agency estimates that over 1 billion tons of CO2 will need to be captured and buried annually by the end of the decade to meet global climate goals.

March 28, 2024
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