Good News: Indonesia's Oil and Gas Assets in Venezuela Resume Operations
Deputy Foreign Minister Arif Havas Oegroseno has revealed that Pertamina’s assets in Venezuela are now permitted to resume full operations, supporting Indonesia’s efforts to optimise alternative oil sources amidst energy turmoil. “We have just obtained permission to continue operations in Venezuela,” he said following a working meeting at the Parliament Complex in Senayan, Jakarta, on Thursday.
He confirmed that Indonesia is currently exploring new oil sources from several other South American countries amid tensions between the United States, Israel, and Iran in the Strait of Hormuz. “We are searching for more countries there that have oil and gas potential. Almost all Latin American countries have potential,” the Deputy Minister stated. Given the substantial oil and gas potential in South America, Indonesia is seeking investment opportunities in the sector in regional countries.
Havas explained that negotiations are underway between Pertamina and partners in several South American countries, although they remain in the preliminary exploration stage. He ensured that Indonesia’s interests in oil and gas expansion in South America would be represented by Pertamina International Exploration and Production (PIEP), which already controls assets in Venezuela. Furthermore, Havas stated that Indonesia is also optimising alternative oil sources in several African nations, such as Algeria, Nigeria, and Angola. He explained that the current strategy is to secure oil supplies from regions that bypass the now-closed Strait of Hormuz.
It is known that PIEP controls 71.09 percent of shares in French oil and gas company Maurel & Prom (M&P), which holds assets in Venezuela. PIEP asserted that their oil assets in Venezuela were unaffected following the US action against the country in January, when President Nicolas Maduro was arrested. The company continues to conduct close monitoring and maintain ongoing coordination with the Indonesian Embassy in Caracas as a precautionary measure.