This collaboration will help both parties build sustainable and carbon-resilient portfolios in the upstream by identifying suitable potential CO2 storage and management solutions, which can also be utilised by other local and regional industries as part of their decarbonisation efforts.

Signing on behalf of SSB was Shell Malaysia Chairman and Senior Vice President Upstream Malaysia, Ivan Tan, while PETRONAS was represented by its Executive Vice President and CEO Upstream, Adif Zulkifli.

“This collaboration is an important first step in harnessing the potential of CCS as a decarbonisation solution for Malaysia and the region, in pursuit of the goal of the Paris Agreement to limit global temperature rise to 1.5 degrees Celsius. The transition to a lower-carbon energy system requires unprecedented collaboration. We deeply value our long-standing relationship with PETRONAS and believe that this partnership will leverage our respective capabilities to jointly develop reliable, technology driven CCS solutions that could decarbonise our own operations while significantly reducing emissions in Malaysia, “shared Ivan Tan, Chairman of Shell Malaysia.

Under the terms of the JSCA, both parties will collaborate in evaluating the potential to create carbon capture and storage hubs in selected locations offshore Sarawak and assess commercial, policy and regulatory frameworks which can enable the robust development of CCS in Malaysia. The study will be an important step to enable Shell and PETRONAS to create a decarbonization solution allowing other local Malaysian industries, as well as other customers in the region, to capture and safely store emissions, helping to tackle climate change

This JSCA is in line with Shell’s target to become a net-zero emissions energy business by 2050, in step with society. Shell has started to transform its business to meet this target, providing more low-carbon energy such as biofuels and charging for electric vehicles as well as low-carbon electricity. Where it is not possible to avoid emissions, such as in heavy manufacturing and heavy goods transportation, these emissions will need to be captured using technology.

Shell is pursuing innovative solutions to remove and store carbon safely using technologies such as CCS. Globally, Shell has been pursuing CCS solutions including for the Quest project in Canada (Shell-operated) and as part of consortium for the Northern Lights CCS project in Norway.

CCS is a combination of existing technologies that capture and store CO2 deep underground, preventing its release into the atmosphere. CO2 is separated from the gases produced by industrial processes, transported to locations where it can be stored in geological repositories, deep underground, thus reducing emissions to atmosphere.

For more information on Shell’s climate target initiatives, visit: Our climate target | Shell Global

About Shell

Shell is a global leader in power, energy, and gas technology and is working to meet increasing energy demand and supply challenges by delivering smarter products and cleaner energy, infrastructure, and by developing new energy sources while addressing the impact on the environment. Malaysia is one of Shell’s heartlands. The history of Shell in Malaysia started about 130 years ago. Shell currently has a strong market presence in the upstream, gas-to-liquids, downstream and business operations sectors in Malaysia. The company is also driven towards contributing to the local talent pipeline, while playing its part in contributing towards the communities and the society through its various flagship social investment activities.


Prema Jayabalan
Senior Manager, Media Relations,
Shell Malaysia

Cindy Lopez
Country Head of Corporate Relations
Shell Malaysia

Cautionary note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2020 (available at and These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, January 11, 2022. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

The contents of websites referred to in this announcement do not form part of this announcement.

We may have used certain terms, such as resources, in this that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website

LEI number of Shell plc: 21380068P1DRHMJ8KU70