UK oil giant BP on Thursday unveiled a $7-billion joint project aiming to unlock around three trillion cubic feet of additional gas resources at its Tangguh site in Indonesia’s West Papua province.
BP chief executive Murray Auchincloss sealed the investment deal during a meeting with Indonesian President Prabowo Subianto, who was in London at the tail end of a global tour.
The new leader of the southeast Asian archipelago nation also met UK Prime Minister Keir Starmer in Downing Street.
BP said in a statement the “major investment” highlights its “strong confidence in Indonesia’s investment climate”.
The project involves the development of a new gas field, Ubadari, as well as enhanced gas recovery through carbon capture, utilization and storage (CCUS) and onshore compression.
It expands and utilizes existing infrastructure at the Tangguh liquefied natural gas (LNG) facility in Papua Barat in Indonesia, with production at the new field expected to start in 2028.
The new venture will be the first CCUS project developed at scale in Indonesia, with potential for sequestering around 15 million tonnes of CO2 from Tangguh’s emissions in its initial phase, according to BP.
“This project not only unlocks a fantastic gas resource, it also represents an Indonesian first through the use of CCUS to maximize gas recovery,” Auchincloss said.
AFP
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