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Exxon Mobil Corporation (NYSE:XOM) and state energy firm Pertamina reportedly plan to perform appraisal drilling for a carbon capture and storage (CCS) hub in Indonesia.
The companies partnered for preliminary work to design a commercial model for the Asri Basin Project CCS hub, reported Reuters.
As per a preliminary joint study by Pertamina and Exxon, the Asri basin in Pertamina’s Offshore South East Sumatra block could store up to 3 gigatonnes of carbon dioxide and would require investments of $2 billion.
The companies also inked a framework agreement with South Korea’s KNOC, allowing it to join the partnership and inject emissions into the facility.
As per the report, Indonesia allowed CCS operators to set aside 30% of their storage capacity for imported carbon and estimates its depleted oil and gas reservoirs and saline aquifers to provide storage for hundreds of gigatonnes of CO2.
Last week, Exxon completed the acquisition of Pioneer Natural Resources, doubling Permian production.
Investors can gain exposure to the XOM stock via Energy Select Sector SPDR Fund (NYSE:XLE) and IShares U.S. Energy ETF (NYSE:IYE).
Price Action: XOM shares are up 0.33% at $118.06 at the last check Wednesday.
Photo: Del Henderson Jr. via Shutterstock
