ExxonMobil, BP drive Indonesia's growth into carbon capture hub

JAKARTA -- Global oil majors such as ExxonMobil and BP are planning a series of carbon capture and storage projects in Indonesia, which aims to become the Southeast Asian hub for the emerging industry.

Indonesia's state-owned oil company Pertamina signed an agreement with ExxonMobil and Korea National Oil Corp. during an event hosted outside of Jakarta on May 15. The partners will cooperate with the goal of developing a carbon storage site near an oil field in Sumatra held by Pertamina.