International concern is now focused on reducing green house gas (GHG) emissions which drive climate change. The use of fossil fuels, either flaring natural gas and burning fossil fuels, are predicted contributing GHG emissions. As a consequence, International cooperation through United Nation Framework Convention on Climate Change (UNFCCC) has pointed to increase policy interest in developing CO2 and GHG emission trading system. The system would allow the countries who have opportunities to reduce CO2 and GHG emission (generally developing countries) and sell or trade GHG emission reduction to the countries (generally developed countries). The second part of this paper will be emphasized on oil and gas reserves, production, refineries,and utilization. Indonesia oil resource as of January 1st, 2006 amounts to about 56.60 BBO, while gas resources as of January 1st, 2006 is about 334.5 TSCF. Indonesia has nine refineries owned by PT Pertamina (Persero) and six refineries owned by private. Indonesia has also voluntary participated in reducing GHG emissions by formulating energy policy, doing research on carbon capture and storage (CCS), and developing innovative projects. This paper will highlight the energy policy, research program and innovative projects for reducing GHG emission from oil and gas activities in Indonesia

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