Carbon industry expected to push O&G sector’s contribution to Sarawak’s GDP past RM60 bln by 2030

A photo of Kasawari Gas Field operated by Petroliam Nasional Berhad which was displayed during Abang Johari's ministerial winding-up speech in DUS on May 15, 2024. Screenshot: Sarawak Public Communications Unit livestream

By Shikin Louis

KUCHING, May 15: Sarawak’s oil and gas (O&G) sector, bolstered by carbon capture, utilisation and storage (CCUS), is projected to contribute more than RM60 billion to Sarawak’s Gross Domestic Product (GDP) by 2030.

Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said Sarawak has kickstarted a promising CCUS industry with three projects signed this year, namely the Kasawari-M1 project, the Lang Lebah-Golok project, and the M3 project which concerns storage of industrial CO2 emissions.

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“I would like to assure this august House that the Sarawak government has developed the necessary legal and regulatory framework for the Carbon Capture and Storage (CCS) sector to safeguard the rights and environmental safety of Sarawak.

“All companies wanting to develop and operate CCS in Sarawak must comply to our legal and regulatory framework, including the requirement of Environmental Impact Assessments (EIAs),” he said when presenting his winding-up speech in the Sarawak Legislative Assembly (DUS) sitting here today.

Abang Johari who is also Minister of Finance and New Economy, Minister for Natural Resources and Urban Development (MUDeNR) and Minister for Energy and Environmental Sustainability (MEESty) further cited the CCUS Market Global Opportunity Analysis and Industry Forecast 2023–2032 report that the global CCS market presents a compelling opportunity, with a projected Compound Annual Growth Rate of 13.3 per cent.

“Sarawakian companies are uniquely positioned to capitalise on this nascent market as the region’s early movers and I urge them to develop their expertise in this field, establishing themselves as leaders in upcoming regional CCS projects,” he added. — DayakDaily

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