ExxonMobil is focusing on developing a carbon capture and storage (CCS) business in Southeast Asia. Meanwhile, the Indonesian government has mapped six locations suitable for CCS and carbon capture, utilization, and storage (CCUS) projects.
Aquadrill has reached an agreement to provide a drillship for Premier Oil Andaman Limited and Repsol Andaman B.V., operators of Andaman II and Andaman III blocks.
Several corporations recorded excellent performances this year through the third quarter.
Property giant Agung Sedayu is expected to target capital market liquidity after acquiring an 80 percent stake in PT Pratama Abadi Nusa Industri Tbk (PANI).
Elnusa secured three new seismic survey contracts. Restarted exploration projects are signs that Indonesia's upstream oil and gas industry is starting to recover.
Pertamina is exploring cooperation with a Turkish leading pharmaceutical company, Abdi Ibrahim, to share technology and produce paracetamol at facilities owned by PT Pertamina Internasional Refinery.
Several corporations have conducted various corporate actions to increase their valuations. PT Bank Central Asia Tbk (BBCA), for example, has become the bank with the largest market capitalization in Southeast Asia after a stock split.
Saratoga's Provident Acquisition Corp is exploring a merger option with Hyphen Group, a fintech company affiliated with billionaire Richard Li. The merger will expectedly boost Hyphen's valuation to US$1 billion and effectively make it a unicorn.
Gojek launches GoCorp, an online transportation service for companies to take on Grab, which has been playing in the corporate taxi segment since 2016.
Corporations are getting more aggressive in their business expansion towards the end of the year.