BP to Invest $7 Billion in Carbon Capture Project in Indonesia

BP has announced a $7 billion investment in Indonesia’s Papua region. The funds will go towards a carbon capture project and gas field development. The project could unlock 3 trillion cubic feet of additional gas resources. BP revealed the investment during a meeting with Indonesian President Prabowo Subianto in London.

The investment will focus on the development of the Ubadari gas field, with production expected to start in 2028. Gas from this site will be processed at BP’s existing Tangguh liquefied natural gas (LNG) facility in West Papua.