Tuesday, April 16, 2024

Pertamina secures oil block contract extension in Venezuela

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Audina Nur




PT Pertamina Hulu Energi (PHE) has secured a landmark contract extension for the Urdaneta West Field Block in Venezuela, underscoring the company’s long-term commitment to the region’s energy sector.

This 20-year extension signifies a significant milestone in Pertamina’s international operations, consolidating its position as a key player in the global oil and gas market.

The Urdaneta West Field Block, located in Venezuela, has been a cornerstone of Pertamina’s overseas portfolio for decades, contributing significantly to the company’s production and reserves. Through strategic partnerships and prudent management practices, Pertamina has successfully navigated the complexities of operating in Venezuela, overcoming challenges and capitalizing on opportunities to maximize value for its stakeholders.

The contract extension not only reaffirms Pertamina’s strong relationship with the Venezuelan government and local partners but also demonstrates its unwavering commitment to sustainable development and responsible resource management. By extending the contract until 2046, Pertamina aims to further optimize production, enhance operational efficiency, and unlock the full potential of the Urdaneta West Field Block.

In addition to its operational objectives, Pertamina remains dedicated to supporting the local communities and promoting socio-economic development in Venezuela. Through various corporate social responsibility initiatives and community engagement programs, Pertamina seeks to create shared value and foster mutual prosperity for all stakeholders involved.

Audina Nur






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