Pertamina Hulu Energi Signs MoU with Three Oil and Gas Giants

PT Pertamina Hulu Energi (PHE) has signed a memorandum of understanding (MoU) with three major oil and gas companies. The company entered into agreements with SK Innovation and SK E&S (SK Group), Posco International—a South Korean firm under the SK Group umbrella—and ExxonMobil. PHE’s Director of Risk Management, Whisnu Bahriansyah, stated that the MoU was signed at the Indonesia-Korea Business Forum in Seoul, South Korea, on Wednesday (1/4/2026). “This collaboration is part of PHE’s strategy to strengthen technical capabilities, open up inorganic growth opportunities, and accelerate the development of low-carbon technologies through partnerships with world-class partners,” Whisnu said in an official statement on Friday (3/4/2026). The cooperation also includes the development of cross-border Carbon Capture and Storage (CCS) between Indonesia and South Korea. Through this partnership, a regional CCS value chain could potentially be developed by utilising Indonesia’s carbon storage capacity and South Korea’s industrial decarbonisation needs. According to Whisnu, this collaboration offers Indonesia the opportunity to become a CCS development hub in the region. Cross-border CCS cooperation is considered strategic in reducing global emissions. “Global partnerships are key to strengthening PHE’s position in the international energy industry while creating long-term sustainable value,” Whisnu remarked. The companies will share knowledge, as well as conduct technical and commercial studies for energy projects. Similar to the agreements with SK Group and ExxonMobil, the PHE-Posco International collaboration also covers CCS development to reduce carbon emissions in the oil and gas sector. This subsidiary of state-owned enterprise (BUMN) PT Pertamina (Persero) has extended the MoU validity until 31 March 2028, demonstrating commitment to advancing potential cooperation to the next stage. Whisnu stated that PHE is committed to strengthening the state company’s position in the competitive upstream sector on the international stage. PHE also commits to supporting national energy security and transition. In the future, Whisnu said, PHE will continue to invest in managing operations and businesses in the upstream oil and gas sector while upholding Environmental, Social, and Governance (ESG) principles. The company also implements a Zero Tolerance on Bribery policy and applies measures to prevent fraud and bribery.