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ExxonMobil to invest $15 billion in Indonesian refinery and CCS facility

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US-based oil major ExxonMobil has met with Indonesia President Joko “Jokowi” Widodo in San Francisco and announced $15 billion in investment in Indonesia in the form of a green refinery and a facility for carbon capture and storage (CCS).

In addition to distributing fuel and Mobil lubricant products in the country, ExxonMobil is currently producing around 230,000 barrels per day (bpd) of oil at the Banyu Urip oil field, which is almost a third of the country’s total production.

Jokowi said that the new refinery would be among the world’s most technologically advanced, while the CCS plant will be the biggest in Southeast Asia.

The meeting occurred on the sidelines of the Asia-Pacific Economic Cooperation forum. ExxonMobil CEO Darren Woods said to the gathering that the company planned to remain producing fossil fuels for years to come, adding that raising living standards through affordable energy was just as important as tackling climate change. He also said:

“Three billion people fall short of modern living standards, and far too many remain trapped in extreme poverty with no access to electricity or clean cooking fuels. The global North-South divide will only be bridged when we commit to solving the world’s energy and emissions challenges simultaneously.”

He said hydrocarbons were central to both these goals, with them being a major source of greenhouse gas emissions. He added that while this societal cost was real, gas and oil had delivered unparalleled social benefits in terms of fighting poverty and raising living standards.

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