Malaysia's state energy firm Petronas said on Dec. 12 it would work with JX Nippon Oil & Gas Exploration Corp. on a joint proposal to monetize gas potential in the Bujang, Inas, Guling, Sepat and Tujoh (BIGST) fields located off the shores of peninsular Malaysia.

The BIGST fields are located off Kerteh, Terengganu in eastern Malaysia, Petronas said.

Carbon capture and storage (CCS) technology will be key to monetizing the fields as they contain high CO2, Petronas said, adding that it will be the first CCS project in Peninsular Malaysia.

"The BIGST cluster will also be the catalyst that is expected to spur the development of other high contaminant fields in Peninsular Malaysia which was not possible prior to this, due to the lack of complete CO2 handling infrastructure," the company said in a statement.