Annual Review of Storage Resources: Governance, Data Standards and Strategic Enhancements

The strategic development of storage resources is a foundational enabler for the effective deployment of Carbon Capture and Storage (CCS) technologies, particularly in high-emission sectors. In response to this imperative, PETRONAS has institutionalised the PETRONAS Storage Resources Management System (PSRMS), a structured framework designed to classify and evaluate CO2 storage potential across its Upstream portfolio. Adapted from the Society of Petroleum Engineers’ Storage Resources Management System (SPE SRMS), PSRMS categorises storage resources into Capacity (PS), Contingent Storage Resources (CS), and Prospective Storage Resources (US), incorporating both technical feasibility and commercial viability dimensions in the context of a project. The PSRMS methodology highlights the importance of robust data stewardship, quantification of uncertainties, and the integration of fiscal and contractual considerations into project maturation. Externally, CCS is increasingly recognised as a cost-effective climate mitigation strategy, with geological storage offering long-term sequestration potential. However, widespread deployment continues to face challenges, including public perception, land-use constraints, and policy inertia. Additionally, CCS presents an opportunity to extend the lifecycle of natural assets by repurposing depleted reservoirs as viable CO2 sinks. A critical first step in advancing CCS is the consolidation of available storage resources to support strategic planning and investment decisions. This paper discusses the strategic integration of PSRMS with the PRrMS (PETRONAS Reserves and Resources Management System), aiming to establish a unified governance framework that links emissions sources through Separate Line Item (SLI) to CO2 sinks. This paper also discusses how the governance framework and data requirements are designed to support this approach. The integration has enhanced the data quality and improved consistency in reporting to support the long-term business planning aligned with PETRONAS’ Net Zero Carbon Emissions 2050 ambition.