Exxon mulls low-carbon opportunities in Indonesia
US major Exxon Mobil said November 2 that it signed a preliminary agreement with Indonesia’s state-owned energy company Pertamina to identify large-scale, low-carbon opportunities in Indonesia.
“By jointly examining subsurface data, the companies expect to identify geologic formations deep underground that could be suitable to safely store CO2, and the potential for safe, commercially viable utilisation of CO2,” Exxon stated.
A memorandum of understanding with Petamina extends to the potential for other low-carbon opportunities such as hydrogen.
Exxon in its earnings report for the third quarter said it anticipated annual capital investments of between $20bn and $25bn and a “4X increase in low-carbon spend.”
To further its low-carbon aspirations, the company last month initiated plans to expand carbon capture and storage (CCS) capabilities at its CO2-rich LaBarge natural gas field in Wyoming by about 1mn mt/yr of CO2. It requested bids for engineering, procurement and construction for the expansion, which represents an investment estimated at $400mn.
Joe Blommaert, the president of Exxon’s low-carbon solutions division, said industry-led endeavours like these can help usher in a cleaner future.
“With well-designed policies and industry collaboration, we can move forward with reliable, safe and ready-to-deploy technologies at scale that can help governments achieve game-changing emissions reductions,” he said.