Indonesia resumes oil and gas asset operations in Venezuela

Deputy Minister of Foreign Affairs (Wamenlu) RI Arif Havas Oegroseno has disclosed that Pertamina’s assets in Venezuela, which have now been permitted to resume full operations, are supporting Indonesia’s efforts to optimise alternative oil sources amid energy turmoil. “We have just obtained permission to continue operations in Venezuela,” said Wamenlu Havas after a working meeting with Commission I of the House of Representatives (DPR RI) at the Parliament Complex in Senayan, Jakarta, on Thursday.

He confirmed that Indonesia is currently seeking to explore new oil sources from several other countries in South America amid tensions between the United States-Israel and Iran in the Strait of Hormuz. “We are looking again at many countries there that have oil and gas potential. Almost all countries in Latin America have the potential,” the Deputy Minister said.

With the significant oil and gas potential in South America, Indonesia is exploring investment opportunities in the sector within regional countries, he added. Havas explained that negotiations are already underway between Pertamina and partners in several South American countries, although they remain at a very early exploratory stage. He also confirmed that Indonesia’s interests in the oil and gas expansion in South America will be represented by Pertamina Internasional Eksplorasi dan Produksi (PIEP), which currently controls assets in Venezuela.

Furthermore, Havas stated that Indonesia is also optimising alternative oil sources in a number of African countries, including Algeria, Nigeria, and Angola. He explained that Indonesia’s current strategy is to obtain oil supplies from regions that do not require passage through the now tense Strait of Hormuz.

It is known that PIEP controls a 71.09 percent stake in the French oil and gas company, Maurel & Prom (M&P), which holds assets in Venezuela. PIEP asserted that its oil assets in Venezuela were not affected following the United States’ action against the country in January, during which President Nicolas Maduro was detained and taken to the US. The company also stated that it continues to carry out close monitoring and maintains ongoing coordination with the Indonesian Embassy (KBRI) in Caracas as a precautionary measure.