PDVSA expands its ties with Asia after the signing of an agreement with Indonesia

Published at: 30/01/2024 02:47 PM

The Ministry of Energy and Mineral Resources of the Republic of Indonesia and the Ministry of People's Petroleum Power of the Bolivarian Republic of Venezuela signed a Memorandum of Understanding for Cooperation in Oil and Gas.

The signing was part of the official visit to Venezuela by Arifin Tasrif, Minister of Foreign Affairs and Mineral Resources of Indonesia, who after his arrival in the country held a meeting with Pedro Rafael Tellechea, Minister of Petroleum and President of Petroleos de Venezuela, S.A. (PDVSA), with the objective of strengthening the cooperation map between the two countries in energy matters, giving as a practical result the Memorandum in question.

During the event, the senior Indonesian official was accompanied by the Deputy Minister and Director General of Oil and Gas, Tutuka Ariadji, and the Executive Director of the company Pertamina International Exploration and Production (PIEP), Jaffee Arizon Suardin.

The signed agreement opens up unprecedented opportunities for PDVSA to expand its energy alliances with major countries in the Asian market, a region where it already has a consolidated exposure after the consolidation of oil cooperation with the People's Republic of China and the Republic of India in 2022.

Indonesia is one of the main exporters of Liquefied Natural Gas (LNG) in all of Asia. It has a robust oil and gas sector that has been at the center of interest of international investors in conventional and unconventional energies.

In mid-January 2024, Minister Arifin Tasrif indicated that “investment in the energy and minerals sector reached 30 billion dollars, and the oil and gas sector continues to dominate with a contribution of 15.6 billion dollars.” In total, investment in energy grew by 11% compared to last year.

Indonesia's energy sector also has a powerful international exposure. The company Pertamina Internacional (PIEP) manages oil and gas assets in Algeria, Iraq and Malaysia, in addition to owning more than 70% of the shares of the company Maurel & Prom, based in France, which resumed its gas and crude oil production operations in Lake Maracaibo, Zulia state, through the Petroregional Joint Venture of the Lake, after sign a relaunch agreement with PDVSA.

Mazo News Team //MPPP PRESS