Chevron and Pertamina Sign Joint Study Agreement to Explore Development of Carbon Capture Storage and Carbon Capture Utilization and Storage (CCS/CCUS) Technology in Indonesia

Houston, Texas, March 6, 2023 - PT Pertamina (Persero) and Chevron New Energies International Pte. Ltd. (Chevron New Energies), today signed a Joint Study Agreement (JSA) to examine the feasibility of carbon capture storage and carbon capture utilization and storage (CCS/CCUS) in East Kalimantan, Indonesia.

The agreement was signed on the sidelines of CERAWeek 2023, where Chevron and Pertamina leaders joined government officials, thought leaders, academics, technology innovators and financial leaders to explore ideas and solutions under the theme “Navigating a Turbulent World: Energy, Climate and Security.”

Attending the JSA signing were SVP Research and Technology of Pertamina, Oki Muraza, and Chris Powers, VP CCUS for Chevron New Energies. The signing was witnessed by Indonesia’s Minister for Energy & Mineral Resources, Arifin Tasrif and SKK Migas Chairman, Dwi Soetjipto.

This is the second joint study agreement to come from the collaboration between Chevron and Pertamina announced in Washington, D.C., in May 2022 to explore potential lower carbon business opportunities in Indonesia. The first, announced at the B20 in Bali in November 2022 between Chevron New Energies, Pertamina Power Indonesia and Keppel Infrastructure, is aimed at exploring the development of selected green hydrogen and green ammonia projects using renewable energy in Indonesia.

Chris Powers, Vice President of CCUS for Chevron New Energies, said, “We have partnered with Indonesia to help meet its energy needs for close to a century. This new joint study agreement builds momentum for our shared objectives of advancing Indonesia’s energy goals while pursuing a lower carbon future. We have a unique set of capabilities and a deep understanding of Indonesian geology to support the deployment of CCS/CCUS. Together, we can leverage our collective strengths to unlock new opportunities for Indonesia.”

Oki Muraza, SVP Research and Technology of Pertamina, said, “Pertamina is committed to supporting the Indonesia's Government in achieving net zero emission target by 2060. The agreement with Chevron New Energies is very positive and shows Pertamina's seriousness in following up on the planned energy transition and decarbonization program."

Minister of Energy & Mineral Resources Arifin Tasrif praised Pertamina and Chevron for their consistent efforts in supporting Indonesia’s net zero emission target of 2060, saying that the government fully supports this partnership.

“CSS/CCUS is initiative that is crucial for the government’s decarbonization agenda. This partnership will contribute to creating a strong foundation to achieving Indonesia’s energy transition goals” Arifin said.

“The government has finished the harmonization of CCS/CCUS regulations that we hope will encourage the development of more CCS/CCUS projects across Indonesia. CCS/CCUS will be a bridge that secures the growth of Indonesia’s industries while ensuring that the carbon emission is locked away,” Arifin added.