November 24, 2023 [Reuters]- Indonesia’s President Joko Widodo on Friday launched construction of a carbon capture, utilisation and storage (CCUS)project in West Papua province operated by BP Plc (BP.L), the country’s first carbon storage project.
The new project follows the completion of BP’s $4.83 billion Tangguh Train 3 liquefied natural gas (LNG) project in West Papua which was completed last month.
While the international oil and gas industry is well placed to scale up such technology to help achieve the goal of net-zero emissions by 2050, the International Energy Agency (IEA) said in a report on Thursday it may not be a major, economically viable solution to reducing global warming if oil and gas production is not cut back.
The investment for the plant is estimated at 30 trillion rupiah ($1.94 billion) and construction is expected to be concluded in 2038, according to a statement from the presidential palace late on Thursday.
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