Exxon Mobil has announced plans to invest up to USD15 billion to develop petrochemical projects and carbon capture and storage (CCS) facilities in Indonesia. In November 2023, the Government of Indonesia signed a deal with Exxon to explore investment in a petrochemical project to enable the production of polymers.
Additionally, the company will also collaborate with Pertamina to explore investment worth USD2 billion for developing CCS facilities utilising two underground basins in the Java Sea. This will be one of the most extensive CCS hubs in Southeast Asia and will be capable of storing a minimum of 3 gigatons of carbon dioxide.
Moreover, in 2023, Pertamina signed multiple agreements with Mubadala Energy, POSCO International, Japan Petroleum Exploration Company (Japex), and Japan Organization for Metals and Energy Security (Jogmec) for research, development, and implementation of low-carbon product technologies and their deployment in the country. This collaboration will focus on CCS, carbon capture, utilisation and storage, blue hydrogen/ammonia, and new and renewable energy (RE) projects.