Print

Exxon Mobil, a leading US oil company, is set to make a substantial investment of up to $15 billion in a ground-breaking petrochemical project and carbon capture and storage (CCS) facilities in Indonesia, according to a statement from President Joko Widodo. 

The proposed CCS facilities, anticipated to be the largest in Southeast Asia, were discussed during a meeting between President Jokowi and Exxon Chairman Darren Woods at the Asia Pacific Economic Cooperation (APEC) summit in San Francisco.

In a notable development earlier this week, Indonesia inked a preliminary agreement with an Exxon subsidiary to explore investments in a petrochemical project aimed at polymer production. Additionally, Exxon and Indonesian state energy company Pertamina entered into an agreement to assess $2 billion in investments for CCS facilities utilizing two underground basins in the Java Sea.

President of Exxon Mobil Indonesia, Carole Gall, emphasized the transformative potential of these initiatives, stating, "These large-scale opportunities could substantially boost industrial growth and decarbonization in Indonesia, as well as the Asia Pacific region.”

The proposed CCS hub has the capacity to store a minimum of three gigatons of carbon dioxide emitted by industries in Indonesia and the broader region, as highlighted by Pertamina. Indonesia is actively pursuing the utilization of its depleted oil and gas reservoirs for carbon storage and is finalizing regulations to facilitate the storage of carbon from international sources within the country.

These significant agreements were formalized during President Jokowi's visit to Washington for discussions with US President Joe Biden, ahead of the APEC summit held in San Francisco this week.

<Source: Reuters>

Country
Indonesia