Indonesia to Secure $15 Billion for its CCS Projects from Exxon

Exxon Mobil, the world's largest oil company, plans to invest up to $15 billion in a petrochemical project and carbon capture and storage (CCS) facilities in Indonesia, according to a presidential palace statement on Nov 16. The CCS facilities proposed would be the largest in Southeast Asia. During a trip to San Francisco for an Asia Pacific Economic Cooperation (APEC) summit, Indonesian President Jokowi met with Exxon Chairman Darren Woods.

Earlier this week, Indonesia signed an initial agreement with an Exxon unit to explore investment in a polymer-producing petrochemical project in Indonesia Exxon and the Indonesian state energy company Pertamina have also agreed to assess a $2 billion investment in CCS facilities using two underground basins in the Java Sea.

The CCS hub with Exxon has the potential to store at least 3 gigatonnes of CO2 emitted by Indonesian and other regional industries.

The agreements were signed during Jokowi's visit to Washington to meet with US President Joe Biden ahead of the APEC meeting this week in San Francisco.