BP Indonesia prepares an investment values of US$4 billion for Ubadari field to explore proven gas reserves in the block. BP plans to develop Ubadari field to support Tangguh LNG refinery and and Carbon Capture, Utilization and Storage in Bintuni Bay, West Papua.
Commented on the planned, Christina Verchere, BP Regional President Asia Pacific, stated, “This final investment decision marks the culmination of many years of hard work by BP, our partners, and the Indonesian Government.” This decision, she continued, followed the government of Indonesia’s approval of the Plan of Development II in late 2012. For background, the Ubadari field was discovered in 1997 and exploration drilling began in 2017.
Dwi Soetjipto, head of the Special Task Force for Upstream Oil and Gas Business Activities (SKKMigas), explained this project is estimated to reduce carbon emissions by around 45%. For Indonesia, he adds, the implementation of the carbon storage will also support the implementing of Paris Agreement in 2015, in which the government is committed to reducing carbon emissions from 41% to 29% by 2030.