JX Nippon Oil & Gas Exploration Corporation ("JX") is pleased to announce that it has, in collaboration with Japan Oil, Gas and Metals National Corporation ("JOGMEC"), extended a Memorandum of Understanding ("MOU") with PT Pertamina (Persero) ("Pertamina"), an Indonesian state-owned oil and gas company, to implement joint studies and business plans. The parties executed the original MOU in 2018.
The parties expanded the scope of the MOU to cover the entire energy sector including the production of blue hydrogen/ammonia utilizing Carbon dioxide Capture and Storage (CCS) technology for implementing joint studies and business plans, while the original MOU only covered the upstream oil and gas sector including CO2 Enhanced Oil Recovery (CO2-EOR).
JX and JOGEMC will explore the cooperation opportunities with Pertamina through the joint study and business plan discussions, targeting the entire energy sector, with utilization of the experience, knowledge and technology of JX and JOGMEC. If business plans are confirmed to be feasible and the parties to the MOU agree, JX will promote such projects to contribute to the increased production of energy and the reduction of greenhouse gas.
JX has been promoting the transition to "two-pronged" business approach starting this year, which consists of our conventional E&P business and environmentally sustainable business. JX intends to maintain and strengthen its relationships with Indonesia, as well as expanding its business which matches our "two-pronged" business approach in Indonesia.