British oil giant announces $7 billion gas project investment in Indonesia
The Peninsula
London: UK oil giant BP on Thursday unveiled a $7 billion joint project aiming to unlock around 3 trillion cubic feet of additional gas resources at i...
London: UK oil giant BP on Thursday unveiled a $7-billion joint project aiming to unlock around 3 trillion cubic feet of additional gas resources at its Tangguh site in Indonesia's West Papua province.
BP chief executive Murray Auchincloss sealed the investment deal during a meeting with Indonesian President Prabowo Subianto, who was in London at the tail end of a global tour.
The new leader of the southeast Asian archipelago nation also met UK Prime Minister Keir Starmer in Downing Street.
BP said in a statement the "major investment" highlights its "strong confidence in Indonesia's investment climate".
The project involves the development of a new gas field, Ubadari, as well as enhanced gas recovery through carbon capture, utilisation and storage (CCUS) and onshore compression.
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