ASIATODAY.ID, JAKARTA – Indonesia and Venezuela have agreed to establish cooperation in the oil and gas sector. This agreement is outlined in a Memorandum of Understanding (MoU) between the Indonesian Minister of Energy and Mineral Resources, Arifin Tasrif and Venezuelan Petroleum Minister Pedo Rafael Tellechea.
“Indonesia wants to increase cooperation in the economic field with Venezuela, which can also increase South-South Cooperation. Energy has an important role in improving the economy. Therefore, we note that the two countries can share possible business opportunities in the energy sector, especially in in the oil and gas sector,” said Arifin in Caracas, Venezuela, quoted from a press release, Monday, January 29 2024.
The MoU between the two countries includes, among other things, upstream oil and gas business cooperation between the two countries, implementation of increasing the acquisition of enhanced oil recovery, development and application of technology and best practices to reduce environmental impacts in the energy sector, carbon storage and capture and reduction of gas flaring, as well as business fields agreed upon by State-Owned Enterprises (BUMN) and/or the private sector of the parties without prejudice to or adjustments to existing contracts or agreements.
Under the umbrella agreement between the two countries, PT. Pertamina (Persero), as Indonesia’s state-owned company in the energy sector, through Pertamina International EP (PIEP) is expected to explore opportunities to acquire new Venezuelan oil and gas blocks. This is also to strengthen the existence of PIEP which has invested in Venezuela through the company Maurel et Prom (M&P).
Venezuelan Oil Minister Pedo Rafael Tellechea, who also serves as President of Petroleos de Venezuela (PDVSA), underlined that this strategic agreement will improve the South American country’s prospects in the Asian market.
Indonesian Ambassador to Venezuela, Imam Edy Mulyono emphasized that Venezuela is an important partner for Indonesia and this is the right time for Indonesia and Venezuela to strengthen relations in the energy sector. This is because Venezuela has quite high potential for oil and gas energy resources.
The Indonesian delegation was led by the Minister of Energy and Mineral Resources, Arifin Tasrif accompanied by the Indonesian Ambassador to Venezuela Imam Edy Mulyono, President Director of PT Pertamina International Exploration & Production (PIEP) Jaffee Arizon Suardin, and President Director of PT Pertamina Hulu Energi (PHE), Wiko Migantoro. (AT Network)
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