Pertamina explores upstream oil investments in Guyana, Suriname

“Pertamina has already initiated exploratory discussions on cooperation in exploration and investment in the upstream oil and gas sectors of Guyana and Suriname,” the ministry’s Director General for American and European Affairs, Grata Endah Werdaningtyas, said during a press briefing here on Monday.

The initiative comes as offshore oil reserves off the northern coast of South America gain global prominence, with regional output projected to reach 200,000 barrels per day by 2028.

Grata explained that acquiring equity stakes in Latin American oil fields would reduce Indonesia’s reliance on single-source imports and mitigate risks associated with geopolitical instability, particularly the ongoing volatility in the Strait of Hormuz amid tensions between the United States and Iran.

“Investment implies that we hold an ownership stake in the source, thereby making supplies from that region more secure for us,” Grata said.

“This move positions us as a smarter player in the oil and gas sector,” she added.

The energy initiative is part of a broader economic push into Latin America and the Caribbean.

While two-way trade between Indonesia and the region reached US$16.1 billion in 2025—comprising US$7.6 billion in Indonesian exports and US$8.5 billion in imports—it accounted for only 3 percent of Indonesia’s total global trade.

To expand economic engagement, the Foreign Affairs Ministry will host the annual Indonesia-Latin America and Caribbean (INA-LAC) business mission in Chile on October 1–2, 2026.

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Translator: Nabil Ihsan, Yashinta Difa