Mubadara Energy, the oil and gas department of Mubadara Investment Company in Abu Dhabi, and Pertamina in Indonesia signed an agreement to explore carbon capture plans in Southeast Asian countries. The two companies stated that the agreement provides a framework for Pertamina and Mubadala Energy to explore carbon capture and storage projects in their existing asset portfolio in Indonesia.

The two companies will also study potential joint investments in upstream projects seeking to use CCUS applications. With our record of providing reliable and secure operations as responsible operators, I believe we can leverage the collective expertise of both companies to accelerate the deployment of potential CCUS technologies, "said Mansoor Al Hamed, CEO of Mubadala Energy.

As the UAE prepares for COP28, we are proud to promote strategic cooperation that aligns with the net zero goals of the UAE and Indonesia. Indonesia plans to generate at least 51% of its energy from renewable sources by 2030.

CCUS involves capturing carbon dioxide emissions from industrial activities such as steel and cement production, as well as fossil fuel combustion in power generation. The captured carbon is then transported by ship or Pipeline transport and stored safely in underground geological structures.

McKinsey stated that by 2050, global CCUS absorption needs to increase by 120 times from current levels, reaching at least 420 million tons of carbon dioxide capture per year, in order for countries to achieve their net zero commitment. With over sixty years of experience in the energy industry, Pertamina has always been an indispensable part of Indonesia's growth story, "said Nick Widyawati, Pertamina's CEO. With the continuous development of the country, the company is committed to achieving decarbonization goals and ensuring Indonesia's energy demand.

Mubadara Energy's assets and business cover 11 countries, mainly in the Middle East and North Africa, Russia and Southeast Asia. Formerly known as Mubadara Oil Company, the company has been operating in Indonesia since 2004.

Mubadara Energy and Abu Dhabi clean energy company Masdar signed an agreement to explore opportunities related to decarbonization and energy transformation plans. The two companies stated that the partnership will mainly focus on the Middle East and North Africa region and Southeast Asia, while also exploring other regions of common interest.

In February 2023, Masdar invested in Pertamina Geothermal energy company, marking its entry into the country's second largest Geothermal energy industry after the United States. Sharjah National Oil Company has signed a preliminary agreement with Sumitomo Corporation of Japan to explore carbon capture projects in the Emirate.Editor/XingWentao