ExxonMobil and Pertamina advance regional carbon capture and storage project in Indonesia

• Heads of Agreement will progress next stage of CCS hub in offshore Java
• Geologic storage potential is up to 3 billion metric tons of CO₂
• International collaboration supports Indonesia’s 2060 net-zero ambition

The Heads of Agreement builds upon a joint study and memorandum of understanding that was signed at COP26 in Glasgow, Scotland to assess carbon capture and storage technologies, low-carbon hydrogen and geologic data. The agreement defines next steps for the project including concept-select, pre-Front End Engineering Design, and a subsurface work program.

The agreement was signed by Pertamina President Director and Chief Executive Officer Nicke Widyawati and Irtiza Sayyed, vice president, ExxonMobil Low Carbon Solutions and president of ExxonMobil Indonesia. The signing was witnessed by U.S. Ambassador for Republic Indonesia, H.E. Sung Y. Kim and Indonesia’s Coordinating Minister for Maritime and Investment Affairs H.E. Luhut B. Pandjaitan, and Jack Williams, senior vice president, Exxon Mobil Corporation.

“This agreement supports Indonesia’s net-zero ambition and its goal to become a carbon capture and storage leader in the region,” said Dan Ammann, president, ExxonMobil Low Carbon Solutions. “By providing a large-scale storage solution for hard-to-decarbonize sectors, our companies will support Indonesia’s growing economy through low-carbon investments, creating job opportunities and adding revenues for the country.” 

The Indonesian government is working to develop supportive CCS regulations and initiating discussions with other governments in the region. “This milestone is a solid foundation for Indonesia to systematically work toward our net-zero target by 2060 or sooner,” said H.E. Luhut B. Pandjaitan. “Indonesia is growing, and it is imperative for us to address our carbon footprints for our future generations.”

ExxonMobil Low Carbon Solutions is working to bring lower-emission technologies to market, making them accessible to hard-to-decarbonize industries, including its recent agreement with a leading global manufacturer of nitrogen and hydrogen products in Louisiana, United States. It is focusing its carbon capture and storage efforts on point-source emissions, the process of capturing CO₂ from industrial activity that would otherwise be released into the atmosphere. Once captured, the CO₂ is injected into deep, underground geologic formations for safe, secure and permanent storage.

Carbon capture and storage is a safe, proven technology that can enable some of the highest-emitting sectors to meaningfully reduce their emissions. These industries include manufacturing, power generation, refining, petrochemical, steel, and cement operations. With effective government policies in place, broad deployment of commercial-scale carbon capture and storage projects could create a new industry, resulting in job creation and economic growth.

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Cautionary Statement: Statements related to outlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions, are forward-looking statements. Similarly, discussion of future carbon capture plans to drive towards net zero emissions are dependent on future market factors, such as continued technological progress and policy support, and represent forward-looking statements. Actual future results, including project plans, plans to reduce emissions or capture and store CO₂, partner participation, timing, capacities, and costs could differ materially due to a number of factors. These include the ability to execute operational objectives on a timely and successful basis; implementation of government frameworks and permitting for carbon capture and storage and other lower-emission technologies; timely completion of construction projects; commercial and consumer interest in lower-emissions opportunities; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; unplanned maintenance; the outcome of future commercial negotiations, including final agreed terms and conditions; and other factors discussed under the heading "Factors Affecting Future Results" in the Investor Information section of our website (www.exxonmobil.com) and in Item 1A of our most recent Form 10-K. Any forward-looking statement speaks only as of the date of this press release and the companies named herein disclaim any obligation to update any forward-looking statement.  The term "project" as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as under any government payment transparency reports.

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