Caracas: Minister of Energy and Mineral Resources of the Republic of Indonesia Arifin Tasrif and Venezuelan Minister of Petroleum, Pedro Rafael Tellechea signed an MoU in the context of increasing bilateral cooperation in the oil and gas sector.
The MoU also stated as well as increasing investment between the two countries at the Head Office of Petróleos de Venezuela, S.A (PDVSA) in La Campiña where delegates from both countries analyzed business and investment opportunities in the crude oil and gas sector, especially in licensing for offshore gas and projects in the western and eastern parts of Venezuela.
“Indonesia wants to increase cooperation in the economic sector with Venezuela, which can also increase South-South Cooperation. Energy has an important role in improving the economy," said Minister Arifin Tasrif in his meeting with Minister Tellechea, stated from Indonesia Embassy in Caracas, Tuesday 23 January 2024.
"Therefore, we note that the two countries can share possible business opportunities in the energy sector, especially in the oil and gas sector," he added.
Rafael Tellechea, who also serves as President of Petróleos de Venezuela (PDVSA), underlined that this strategic agreement will improve the South American country's prospects in the Asian market.
The 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.
In this MoU, there are several collaborations which will be the main focus of the two countries. These focuses include acquiring the operating rights of Urdaneta North for PRDL as part of the settlement of Maurell and Prom Iberomerica's past dividends as well as exploring opportunities to acquire other new blocks in Venezuela - using both vehicles: via M&P or PIEP (depending on asset size and funding requirements).
The Indonesian delegation was led by the Minister of Energy and Mineral Resources accompanied by the Indonesian Ambassador to Venezuela, Imam Edy Mulyono, the Main Director of PT Pertamina International Exploration & Production (PIEP), Jaffee Arizon Suardin, and the Main Director of PT Pertamina Hulu Energi (PHE), Wiko Migantoro.
Currently, Venezuela is receiving sanctions from the United States on oil trade for six months. Therefore, it is hoped that the signing of this MoU will improve trade relations between Indonesia and Venezuela.
The MoU also stated as well as increasing investment between the two countries at the Head Office of Petróleos de Venezuela, S.A (PDVSA) in La Campiña where delegates from both countries analyzed business and investment opportunities in the crude oil and gas sector, especially in licensing for offshore gas and projects in the western and eastern parts of Venezuela.
“Indonesia wants to increase cooperation in the economic sector with Venezuela, which can also increase South-South Cooperation. Energy has an important role in improving the economy," said Minister Arifin Tasrif in his meeting with Minister Tellechea, stated from Indonesia Embassy in Caracas, Tuesday 23 January 2024.
"Therefore, we note that the two countries can share possible business opportunities in the energy sector, especially in the oil and gas sector," he added.
Rafael Tellechea, who also serves as President of Petróleos de Venezuela (PDVSA), underlined that this strategic agreement will improve the South American country's prospects in the Asian market.
The 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.
In this MoU, there are several collaborations which will be the main focus of the two countries. These focuses include acquiring the operating rights of Urdaneta North for PRDL as part of the settlement of Maurell and Prom Iberomerica's past dividends as well as exploring opportunities to acquire other new blocks in Venezuela - using both vehicles: via M&P or PIEP (depending on asset size and funding requirements).
The Indonesian delegation was led by the Minister of Energy and Mineral Resources accompanied by the Indonesian Ambassador to Venezuela, Imam Edy Mulyono, the Main Director of PT Pertamina International Exploration & Production (PIEP), Jaffee Arizon Suardin, and the Main Director of PT Pertamina Hulu Energi (PHE), Wiko Migantoro.
Currently, Venezuela is receiving sanctions from the United States on oil trade for six months. Therefore, it is hoped that the signing of this MoU will improve trade relations between Indonesia and Venezuela.
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