BENGALURU (Feb 29): Petronas said on Thursday it had signed a deal with Petroleum Sarawak and a Japanese consortium to explore the feasibility of carbon capture and storage (CCS) at its depleted M3 offshore field in Sarawak, Malaysia.

Petronas unit Petronas CCS Ventures signed the deal with the consortium, which consists of Japan Petroleum Exploration and Kawasaki Kisen Kaisha, among others.

Besides exploring feasibility studies of carbon storage sites, starting with M3, the group will also plan to develop these sites, Petronas said in a statement.

"This collaboration is not just a strategic move to unlock potential CCS opportunities in Sarawak but necessary in addressing climate change as a collective action in achieving a low-carbon future," Petronas CCS Ventures chief executive officer Emry Hisham Yusoff said.