Caracas: On January 18, 2024, Arifin Tasrif, the Minister of Energy and Mineral Resources of the Republic of Indonesia, along with Venezuela's Minister of Petroleum, Pedro Rafael Tellechea, signed a Memorandum of Understanding (MoU) at the headquarters of Petróleos de Venezuela, S.A (PDVSA) in La Campina, Caracas. The signing ceremony aimed at enhancing bilateral cooperation in the oil and gas sector and boosting investments between the two nations. During the meeting, the delegations from both countries analyzed business and investment opportunities in crude oil and gas, particularly focusing on licensing for offshore gas and projects in both the western and eastern parts of Venezuela. "Increasing economic cooperation with Venezuela is Indonesia's goal, which can also enhance South-South Cooperation. Energy plays a vital role in boosting economies," stated Arifin during his meeting with Tellechea. He added, "Therefore, we note that both countries can share viable business opportunities in the energy sector, especially in oil and gas," as per a statement from the Indonesian Embassy in Caracas received by Medcom.id recently. Rafael Tellechea, who also serves as the President of PDVSA, expressed that this strategic agreement could enhance Venezuela's prospects in the Asian market.
Indonesian Ambassador to Venezuela, Imam Edy Mulyono, emphasized Venezuela's significance as a crucial partner for Indonesia. He highlighted the opportune moment for both nations to strengthen energy-related relations, given Venezuela's considerable potential in oil and gas resources. The MoU outlines several key areas of cooperation between the two countries. Notably, it includes gaining operational rights for Urdaneta North for PRDL as part of resolving dividends from Maurell and Prom Iberomerica in the past. Additionally, it explores opportunities for acquiring new blocks in Venezuela, using both avenues: through M&P or PIEP (depending on asset size and funding requirements). The Indonesian delegation, led by the Minister of Energy and Mineral Resources, includes Ambassador Imam, CEO of PT Pertamina International Exploration & Production (PIEP), Jaffee Arizon Suardin, and CEO of PT Pertamina Hulu Energi (PHE), Wiko Migantoro. Currently, Venezuela is undergoing a six-month lifting of U.S. sanctions related to oil trade. Therefore, the signing of this MoU is expected to bolster trade relations between Indonesia and Venezuela.
