Carbon Capture Utilization and Storage (CCUS) is currently the primary technology to allow the use of fossil fuels with deep CO2 reduction. One technology utilizes captured CO2 for Enhanced Oil Recovery (EOR). For developing countries which rely heavily on fossil fuels, CCUS with EOR can serve as a potential solution for national climate change abatement strategies while still sustaining energy security and economic well-being. This paper examines this premise by analysing the cost and benefit of deploying CCUS projects in Indonesia, specifically focusing on gas processing facilities and a nearby oil field in East Java. The key findings are as follows: (1) the cost of CCUS project is approximately $59/tCO2, for capturing, storing and transporting 5,546 tCO2/day, significantly more than offsetting CO2 emissions from additionally produced oil to make it essentially a net CO2 sink; (2) the CCUS – EOR integrated project can provide an additional oil recovery of 54 MMSTB oilfor 15 years of operational life. (3) The cost benefit analysis resulted in a positive NPV and levelized net profit of $3.13/tCO2 for oil price $40/bbl. (4) the study highlights the total distribution of shares for oil & gas contractor and the Indonesian government under a PSC cost recovery scheme, approximating 141 million USD and 211 million USD, respectively. While under a gross split scheme, the Indonesian government share is 271 million USD and contractor share is 81 million USD. (5) Finally, our study reconfirms the economic viability for using high purity CO2 sources combined with CO2 EOR as an early opportunity for CCUS deployment in Indonesia.