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US energy company ExxonMobil [XOM:US] and Indonesian state-owned oil and gas company Pertamina [PERT:IJ] signed a Heads of Agreement (HoA) to advance carbon capture and storage (CCS) project in Indonesia, as reported by Reuters on November 14. The implementation of CCS technology could help Indonesia reduce greenhouse gas emissions and support the country’s net-zero ambitions. ExxonMobil is also investing USD2.5bn in Pertamina to support Indonesia’s economic growth. The two companies have already signed a Memorandum of Understanding (MoU) last year to evaluate the potential to launch large-scale low-carbon projects in Indonesia. The collaboration was further strengthened when the two signed a joint study agreement in May 2022. The joint study found that Pertamina’s oil and gas fields have the potential to store 1bn tons of carbon dioxide emissions, which is roughly equivalent to Indonesia’s total emissions over 16 years.
Apart from the ExxonMobil-Pertamina collaboration, the US and Indonesia also agreed on several new initiatives to support Indonesia’s green transition and economic growth. The two nations have agreed to launch a USD698m Millennium Challenge Corporation (MCC) Compact to develop lower-carbon transportation infrastructure and provide financial support to women-owned businesses and SMEs in Indonesia. The US Trade and Development Agency will help Indonesia’s public rail system transit to renewable energy.
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