Pertamina and ExxonMobil sign Head of Agreement to strengthen decarbonization cooperation
A joint study by Pertamina and ExxonMobil found carbon dioxide (C02) potential with a capacity of up to 1 billion tons in Pertamina's oil and gas fields. This large CO2 capacity can permanently store CO2 emissions throughout Indonesia at the current average for the next 16 years, according to Pertamina's release.
The discovery of the vast CO2 potential shows the turning point of Carbon Capture and Storage (CCS) business development and decarbonization efforts in Indonesia. On this basis, Pertamina and ExxonMobil strengthen cooperation on CCS development, which is carried out to reduce carbon emissions while supporting economic growth through investment, job creation, and increasing income for the state.
The collaboration was marked by the signing of the Head of Agreement in Nusa Dua, Bali on Sunday, November 13, 2022.
Pertamina's collaboration with Exxon is carried out through a joint study to see the potential for CO2 storage in saline formations in Pertamina's working area. In addition, Pertamina is conducting a study of how efforts and initiatives for decarbonization are carried out. One is through CCS, which is expected to contribute to energy security.
The signing of the HoA is a follow-up to the Joint Study Agreement (JSA) signed in the United States on May 13, 2022. Through this strengthening of cooperation, Pertamina and ExxonMobil will finalize and prepare a commercial model design for a regional CCS hub development in PT Pertamina Hulu Energi OSES working area with the potential to store CO2 domestically and internationally.
