A memorandum of understanding (MoU) was signed on Wednesday by Shell Eastern Petroleum and Brunei Shell Petroleum (BSP) to investigate carbon transport and storage possibilities in Singapore and Brunei. Shell Eastern Petroleum is a division of the world’s largest oil and gas company, Shell Plc (SHEL.L).
Accessing viability
According to their agreement, the businesses would assess the viability of Singapore-based carbon transit strategies and Brunei-Darussalam-based carbon storage options.
Brunei Shell Petroleum Company Sdn Bhd is owned equally by the Government of Brunei Darussalam and the Shell company at a stake of 50% each (BSP).
The programme may potentially be a component of a carbon capture and storage (CCS) hub in Southeast Asia, according to Shell, which has set a goal of being a net-zero emissions energy business by 2050.
Crucial tenet
In the struggle against carbon pollution and climate change, CCS is quickly becoming a crucial tenet. As part of the company’s aspirations to develop its carbon capture and storage industry globally, Shell earlier this year announced plans to construct larger vessels that can transport more carbon dioxide over longer distances.
According to Aw Kah Peng, chairman of Shell Companies in Singapore, “it (CCS) also offers a solution to cut emissions from hard-to-decarbonize industries, such as those found on Jurong Island, which is the centre of Singapore’s chemical and energy industry.”
As we shift to a lower carbon economy, this will help Singapore reduce its carbon impact.
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Source: Reuters
