BP operates Tangguh with 40.22% interest, with MI Berau BV holding a 16.3% interest, CNOOC Ltd. holding a 13.9% and Nippon Oil Exploration Ltd. holding a 12.23% interest. (Source: Shutterstock)
BP announced Nov. 22 a final investment decision (FID) on the $7 billion Tangguh Ubadari, CCUS and Compression (UCC) project, which has the potential to unlock 3 Tcf of gas resources in Indonesia.
The UCC project, located in the Ubadari gas field development, will implement enhanced gas recovery through carbon capture, utilization and storage (EGR/CCUS) and onshore compression. It is the first CCUS project developed at scale in Indonesia.
The project will use existing infrastructure at the Tangguh LNG facility in Papua Barat, Indonesia, and has the potential for sequestering around 15 million tonnes per annum of CO2 from Tangguh’s emissions in its initial phase.
Once completed, Tangguh EGR/CCUS itself will have three injection wells, one offshore injection platform, one offshore CO2 pipeline and onshore facilities for CO2 removal, processing and compression.
Production at the Ubadari field is expected to start in 2028.
BP operates Tangguh with 40.22% interest, with MI Berau BV holding a 16.3% interest, CNOOC Ltd. holding a 13.9% and Nippon Oil Exploration Ltd. holding a 12.23% interest. KG Berau Petroleum Ltd. holds an 8.56% interest, Indonesia Natural Gas Resources Inc. holds 7.35% and KG Wiriagar Petroleum Ltd. holds the remaining 1.44%.
Recommended Reading
Investment Trends: Family Offices, PE Bet Big on NatGas
2025-07-10 - From shale’s boom to today’s consolidation wave, Stephens' Keith Behrens discusses disciplined capital, M&A drivers and why long-term investors are shifting toward gas-focused plays.
E&P Pricing Models Factor in Volatility, Says BOK Expert
2025-07-10 - Integrating global volatility into pricing models means cleaner balance sheets with improved leverage and room to deploy capital creatively, says BOK Financial’s Mari Salazar.
Ex-Elliott Insider: Speak First or ‘Chaos’ Will Take the Mic
2025-07-08 - Proactive communication is essential in warding off activist “agents of chaos” that want to “change the fabric of a company,” a former communications officer at activist investor Elliott Investment Management told oil and gas producers.
BP Appoints Former Shell Exec Simon Henry to Board
2025-07-07 - BP named Simon Henry, who was previously the CFO at Shell, as a non-executive director, days after reports of a potential merger with Shell.
Exxon Returns Some Stabroek Acreage to Guyana, Government Says
2025-07-03 - An Exxon Mobil-led oil consortium has returned 2,534 square kilometers of the Stabroek Block in Guyana back to the government.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.