ExxonMobil and Indonesia's Pertamina to advance cooperation in carbon capture and storage

• Agreement to assess implementation of lower-emissions technologies in Indonesia
• Builds on memorandum of understanding signed at COP 26
• Collaboration will support Indonesia’s 2060 net-zero ambition

The agreement builds on efforts to advance carbon capture and storage in Indonesia that have taken place since the companies signed a memorandum of understanding at COP 26 in Glasgow, Scotland. The expanded agreement will support Indonesia’s net-zero ambitions and builds on a decades-long strategic partnership between ExxonMobil and Pertamina.

The joint study agreement was signed by Pertamina President Director and Chief Executive Officer Nicke Widyawati and Irtiza Sayyed, president, ExxonMobil Indonesia. The signing was witnessed by Indonesia’s Coordinating Minister for Maritime and Investment Affairs Pak Luhut and Jack Williams, senior vice president, Exxon Mobil Corporation.

“This is another step forward for both companies, and it positions Indonesia to play a leading role in supporting the reduction of emissions from hard-to-decarbonize sectors,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions. “Expansion of carbon capture and storage in Southeast Asia would support a lower carbon future. Governments, the private sector and communities will need to work hand-in-hand to make this a reality.”

ExxonMobil Low Carbon Solutions business is working to commercialize lower-emission technologies and support global emission-reduction efforts. It is initially 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, and injecting it into deep underground geologic formations for safe, secure and permanent storage.

Carbon capture and storage is a proven technology that can enable some of the highest-emitting sectors to reduce their emissions, such as manufacturing, power generation, refining, petrochemical, steel and cement industries. Commercial-scale and broad deployment of carbon capture and storage could create a new industry, resulting in job creation and economic growth.

The business is also pursuing strategic investments in biofuels and hydrogen to bring those lower-emissions energy technologies to scale for hard-to-decarbonize sectors of the global economy, by leveraging the skills, knowledge and scale of ExxonMobil. The company has more than 30 years of experience capturing CO₂ and has cumulatively captured more human-made CO₂ than any other company. It has an equity share of about one-fifth of the world’s carbon capture and storage capacity at about 9 million metric tons per year.

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Cautionary Statement: Statements of future events, investment opportunities projects or partnerships in this release are forward-looking statements. Actual future results, including project plans, partner participation, timing, capacities, and costs could vary depending on the ability to execute operational objectives on a timely and successful basis; the ability to scale projects and technologies on a commercially competitive basis; implementation and outcomes of projects for carbon capture and storage and other lower-emission technologies such as hydrogen ; timely completion of construction projects; commercial and consumer interest in lower-emissions opportunities; the outcome of future research and technology development programs, including the future success of collaborative efforts; the development and pace of supportive market conditions and policies including support for carbon capture and storage and hydrogen; the outcome of future commercial negotiations; changes in laws and regulations including environmental laws and taxes; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; and other factors discussed in this release and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.

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