U.S. President Joe Biden announced on 14 November a $2.5 billion agreement between ExxonMobil and Indonesian state-owned energy company Pertamina on carbon capture. 

ExxonMobil and Pertamina’s agreement will evaluate the development of a regional carbon capture and sequestration hub in Indonesia, the White House said in a statement. 

The statement said the partnership will enable key industry sectors to decarbonise, including refining, chemicals, cement, and steel sectors. 

This would lower carbon emissions, ensure economic opportunities for Indonesian workers, and help Indonesia achieve its net-zero targets in 2060 or sooner, the White House statement said. 

Pertamina and Exxonmobil conducted a study that found a potential carbon storage capacity of 1 billion tonnes in Pertamina’s oil and gas fields, which can permanently store Indonesia’s emissions for next 16 years, Pertamina said in a separate statement on Sunday. 

Biden is visiting Indonesia to take part in the G20 summit this week in Bali. He made the announcement in a meeting with Indonesian President Joko Widodo.