Chevron, Pertamina to explore Indonesian opportunities

US major Chevron, through its Chevron New Ventures subsidiary, and Indonesia’s state-owned Pertamina said May 12 they would partner to explore low-carbon business opportunities in the Southeast Asia country.

With a view to meeting local, and potentially regional demand, the two said they would consider a broad range of low-carbon opportunities, including geothermal energy, nature-based carbon offsets, carbon capture, utilisation and storage (CCUS) and lower carbon hydrogen development, production, storage and transport.

The partnership builds on a memorandum of understanding (MoU) signed by Chevron and Pertamina in Washington, DC.

“This MoU demonstrates Chevron and Pertamina’s commitment to continue identifying lower carbon opportunities through collaboration and partnership between Chevron, national energy companies, and governments, all of which have a shared interest in advancing national energy transition,” Chevron New Ventures president Jeff Gustavson said. “Through our potential work in Indonesia, and the entire Asia Pacific region, we hope to provide affordable, reliable, ever-cleaner energy, and help the industries and customers who use our products advance their lower carbon goals.”

The partnership is part of efforts from both companies to support the government of Indonesia’s target to reach net zero by 2060. Pertamina itself is committed to increasing its renewable energy mix from 9.2% in 2019 to 17.7% in 2030.

“Pertamina, as the largest state-owned energy company in Indonesia, remains committed to accelerating energy transition in accordance with the government’s targets,” CEO Nicke Widyawati said. “This partnership is a strategic step for Pertamina and Chevron to complement each other’s strengths and develop lower carbon energy projects and solutions to promote energy independence and domestic energy security.”