20/12/2024 by OilStoreAdministrator
Oil and gas titan ExxonMobil has provided further confirmation of its promise of a huge $15 billion investment in Indonesia.
This is to develop natural gas, along with carbon capture and storage. ExxonMobil operates and owns the Mobil brand, which produces a wide range of lubricants including engine oils and cutting fluid.
A recent meeting between United States business representatives and the Republic of Indonesia’s President Prabowo Subianto and Rosan Roeslani, its Minister of Investment and Downstreaming, was held. It saw all parties speak with ExxonMobil Indonesia President, Carole Gall, who reiterated the gas and oil company’s continued interest.
The reaffirmation follows word of an agreement valued at $7 billion between Indonesia and oil industry company BP in November.
The concord will result in the development of advanced carbon capture capability that aims to insulate 15 million tonnes in CO2 emissions from the Tangguh natural gas facility based in West Papua.
The initial phase of the significant ExxonMobil investment started back in 2023 when the parties signed a Memorandum of Understanding (MOU). The carbon capture and storage projects will be allocated a budget of $2 billion and are included in the wider investment agreement between Indonesia and ExxonMobil, which will involve the development of a largescale petrochemical hub designed to produce polymers to meet the region’s increasing demand.
ExxonMobil and Indonesian energy major Pertamina have already started collaborating after signing an agreement regarding appraisal drilling in May. The site for the first round of tests is the Asri Basin Project carbon capture and storage hub.
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