TotalEnergies Signs JV Deal with Petronas, Mitsui for Carbon Storage Areas in Malaysia

04:20 AM EDT, 10/23/2026 (MT Newswires) -- TotalEnergies (TTE.PA, TTE.L) signed a joint venture agreement with Petronas and Mitsui to develop carbon dioxide storage areas off Malaysia's coast, according to a Friday release. The agreement sets out the framework to set up a joint venture to advance the development, commercialization and operation of the storage areas, following deals to evaluate their potential in 2023 and 2025. The first phase will mainly target a depleted gas field with an expected injection capacity of up to 5 million tonnes a year, with first injection as early as 2031. The partners will now focus on advancing the technical and commercial maturity of an initial carbon storage project ahead of a final investment decision, with the French energy company providing its carbon capture and storage development experience.