British oil giant invests in $7 billion gas project in Indonesia
UK oil giant BP announced a joint $7 billion project with its partners to exploit nearly 85 billion cubic meters of gas in Tangguh, West Papua province of Indonesia.
UK oil giant BP plans to invest in a $7 billion project in Indonesia. Photo courtesy of The Peninsula Qatar.
The agreement was signed in the framework of the visit to the UK by Indonesian President Prabowo Subianto.
In a statement, BP said the great investment demonstrates its confidence in Indonesia's investment environment.
The project includes the development of the new Ubadari gas field and enhanced gas recovery through through carbon capture, utilization, and storage (CCUS).
It will expand and utilize existing infrastructure at the Tangguh liquefied natural gas (LNG) facility in Papua Barat. Production at the new field is expected to begin in 2028.
According to BP, the new project will be the first large-scale CCUS project to be developed in Indonesia, with the potential to separate about 15 million tonnes of CO2 from Tangguh's emissions in the first phase.
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