Chevron and Pertamina Announce Partnership on Lower Carbon Opportunities

Chevron Corporation (NYSE: CVX), through its subsidiary Chevron New Ventures Pte. Ltd. (Chevron), and Indonesia’s PT Pertamina (Persero) today announced a partnership to explore potential lower carbon business opportunities in Indonesia.

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Jay Pryor, Vice President of Corporate Business Development for Chevron, and Nicke Widyawati, President Director & CEO of PT Pertamina (Persero), commemorate the signing of an MoU to explore lower carbon opportunities in Indonesia. (Photo: Business Wire)

Aimed at serving local and potentially regional customers, Chevron and Pertamina plan to consider novel geothermal technologies; carbon offsets through nature-based solutions; carbon capture, utilization, and storage (CCUS); as well as lower carbon hydrogen development, production, storage, and transport.

The partnership follows the signing of a Memorandum of Understanding (MoU) in Washington, DC, attended by Jay Pryor, Vice President of Corporate Business Development for Chevron, Nicke Widyawati, President Director & CEO of PT Pertamina (Persero), Luhut B. Pandjaitan, Coordinating Minister for Maritime and Investment Affairs of the Republic of Indonesia, and Bahlil Lahadalia, Minister of Investment/Head of BKPM.

“We are excited to build upon Chevron’s nearly 100-year history in Indonesia. This MoU demonstrates Chevron and Pertamina’s commitment to continue identifying lower carbon opportunities through collaboration and partnership between Chevron, national energy companies, and governments, all of which have a shared interest in advancing national energy transition,” said Jeff Gustavson, President of Chevron New Energies. “Through our potential work in Indonesia, and the entire Asia Pacific region, we hope to provide affordable, reliable, ever-cleaner energy, and help the industries and customers who use our products advance their lower carbon goals.”

The partnership between Chevron and Pertamina is part of efforts from both companies to support the Government of Indonesia’s net zero emission target in 2060. Pertamina is committed to increasing its renewable energy mix from 9.2 percent in 2019 to 17.7 percent in 2030.

“Pertamina, as the largest state-owned energy company in Indonesia, remains committed to accelerating energy transition in accordance with the government's targets. This partnership is a strategic step for Pertamina and Chevron to complement each other’s strengths and develop lower carbon energy projects and solutions to promote energy independence and domestic energy security," said President Director & CEO of Pertamina Nicke Widyawati.