BP approves $7B Indonesia gas project with company's first-ever carbon capture

seekingalpha11-22

Oli Scarff/Getty Images News BP (NYSE:BP) and its partners announced a final investment decision Thursday on the $7B Tangguh natural gas project in Indonesia that will eventually use carbon capture, ...

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BP (BP) believes the project has the potential to unlock 3T cf of additional gas resources to help meet growing energy demand in Asia. The company holds a 40% stake in the project, and will foot the equivalent portion of the $7B bill; several other partners including China's Cnooc (OTCPK:CEOHF) and Japan's Nippon Oil own stakes in the 7%-16% range. The project, which comprises the Ubadari gas field development, would enhance gas recovery through carbon capture, utilization and storage and onshore compression, while expanding and utilizing existing infrastructure at the Tangguh LNG facility in Papua Barat, Indonesia; production at the Ubadari field is expected to start in 2028. 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