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ExxonMobil, the world’s largest oil company, is aggressively developing carbon dioxide storage technology to cope with global pressures, providing a potential revenue stream of billions of dollars. Asia will be the main source of carbon emissions, with Indonesia and Malaysia considered suitable locations for storage.
Oil companies have worked with governments to seek storage permits and find suitable sites. Despite the technical, economic and geological challenges, oil companies see this as a natural evolution of their business and a new revenue opportunity.
The government is also accelerating licensing and providing incentives to support the growth of the industry.
(Source: theedgemalaysia Image source: freepik)
