Pertamina, KNOC, and ExxonMobil Form Partnership to Develop CCS

Tangerang, May 15, 2024 - Following its commitment to implement carbon reduction programs, Pertamina has forged a strategic partnership with Korea National Oil Corporation (KNOC) and ExxonMobil for cross-border Carbon Capture and Storage (CCS) development between Indonesia and South Korea. This collaboration was marked by the Framework Agreement signing at The 48th Indonesia Petroleum Association (IPA) Convention & Exhibition on Wednesday, May 15, 2024.

The agreement was signed by the President Director of Pertamina, Nicke Widyawati, President & CEO of KNOC, Dong Sub Kim, and President of ExxonMobil Low Carbon Solutions Asia Pacific, Irtiza Sayyed.

This milestone event was witnessed by the Acting Deputy Chief of Mission of the U.S. Embassy, Jason Rebholz, a Representative from the South Korean Embassy, Director of Energy Technologies Division, Ministry of Trade, Industry and Energy, Hong Sukyong, and Deputy for Maritime Sovereignty and Energy Coordination, Coordinating Ministry for Maritime Affairs and Investment of the Republic of Indonesia, Jodi Mahardi.

Through this partnership, the three parties will implement a cooperative framework to expand the transboundary CCS value chain collaboration and map potential collaborations, technology transfers, transportation, and CO2 storage locations. It is expected to support the CCS project development in Indonesia and South Korea.

President Director of Pertamina, Nicke Widyawati, stated that this strategic partnership demonstrates Pertamina's commitment to promoting CCS initiatives and carbon reduction in Indonesia, including developing potential domestic and international CO2 storage within Pertamina's operational areas.

"The collaboration with KNOC and ExxonMobil underscores Pertamina's dedication to accelerating energy transition and carbon reduction programs in Indonesia by partnering with international players. The goal is to develop carbon storage in Indonesia, which has significant potential for carbon storage in Southeast Asia," said Nicke.

In line with Nicke's statement, President of ExxonMobil Low Carbon Solutions Asia Pacific, Irtiza Sayyed, stated that this collaboration aims to accelerate emission reduction programs, "Together with Pertamina, KNOC, and the support of the Indonesian government, we continue to drive emission reduction programs to foster economic growth in Indonesia and the entire region."

Pertamina, as a leading company in the energy transition, is committed to supporting the Net Zero Emission 2060 target by continuously promoting programs that directly impact the Sustainable Development Goals (SDGs) achievement. All these efforts align with Environmental, Social, and Governance (ESG) implementation across all Pertamina's business lines and operations.