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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Indonesia moves ahead with CCS talks with US oil majors and eyes petrochemical projects

Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken S... Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken S... Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

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Indonesia moves ahead with CCS talks with US oil majors and eyes petrochemical projects. U.S. oil majors Exxon Mobil (XOM.N) and Chevron Corp. (CVX.N), along with Indonesia’s state energy company Pertamina, are advancing their negotiations to invest in carbon capture facilities, while Exxon is eyeing a petrochemical project in the nation.

In a statement released Tuesday, Pertamina stated that it and Exxon had decided to conduct additional assessments for a $2 billion investment in carbon capture and storage (CCS) facilities utilizing two subterranean basins in the Java Sea.

According to Pertamina Chief Executive Nicke Widyawati, the CCS hub with Exxon can store at least three gigatonnes of carbon dioxide released by companies in Indonesia and the rest of the region.

According to Jack Williams, senior vice president of Exxon Mobil, Exxon and Pertamina can lower emissions and promote Indonesia’s economic development.

In advance of this week’s APEC meetings in San Francisco, Indonesian President Joko Widodo signed the accords during his visit to Washington to meet with U.S. President Joe Biden.

According to senior government official Jodi Mahardi, the agreements demonstrate that the Indonesian government and other stakeholders are “ready to utilize Indonesia’s CCS potential for the advancement of low-carbon industries, investment, and job creation for the Indonesian people.”

Indonesia is finalizing legislation that will allow storage systems for carbon from overseas to be kept in the nation to use its depleted hydrocarbon resources for carbon storage.

The Southeast Asian nation can store eight gigatonnes of carbon in its depleted reservoirs, and if it uses its saline aquifers, it can keep an extra 400 gigatonnes of carbon.

During that visit, Pertamina also consented to provide Chevron with information on the possible development of carbon capture, utilization, and storage (CCUS) or CCS sites in East Kalimantan through three of its units.

Maps, business information, geological and geophysical data, and other elements may be included in the material.

Pertamina, Chevron, and Mubadala Energy of the United Arab Emirates also signed a cooperative research agreement to look into the geothermal potential of North Sulawesi, Indonesia.

A part of Exxon also made a preliminary deal with the Coordinating Ministry for Maritime and Involvement Affairs to look into possible involvement in an Indonesian petrochemical project for polymer production.


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