BP Agrees To Invest IDR 110 Trillion In UCC Tangguh

BP Agrees To Invest IDR 110 Trillion In UCC Tangguh

Tuesday, 26 Nov 2024

Indonesia has secured a final investment decision for the Tangguh Ubadari project, which encompasses Carbon Capture Utilization & Storage (CCUS) and Compression (UCC), amounting to approximately USD 7 billion.

This announcement was made by BP's Chief Executive Officer, Murray Auchincloss, who represented the Tangguh partnership in a meeting with President Prabowo during his visit to London, England.

"I have met with leaders of major companies, totaling 19 prominent figures. They have committed to an investment of USD 8.5 billion. This reflects their optimism regarding our economy," stated Prabowo.

In a separate occasion, the Minister of Energy and Mineral Resources, Bahlil Lahadalia, indicated that this investment decision was reached following an evaluation conducted by BP in collaboration with the government through SKK Migas.

The government has expressed its appreciation and full support for BP's oil and gas investments in Indonesia. This investment signifies that the business climate for oil and gas in Indonesia remains attractive.

"We commend BP and its partners for their investment decision regarding the Tangguh UCC project. The final investment decision for this UCC project serves as evidence that the oil and gas industry in Indonesia continues to be promising and capable of attracting foreign investment," he explained.

Bahlil emphasized that this investment of approximately USD 7 billion is substantial and will contribute to national oil and gas production, while also significantly enhancing regional value. "This will lead to increased regional revenue and a positive multiplier effect for the area," Bahlil added. (putri@insightinnews.com)

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