Friday, February 23, 2024

Pertamina develops oil, gas fields in Venezuela

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Indonesia’s energy company Pertamina is developing an oil and gas field in Maracaibo basin in Venezuela, with a potential reserve of 12 billion barrels oil.

“There is a potential of 12 billion barrels of oil in Lake Maracaibo, Venezuela. We should not let the asset go unutilized or unused.” Energy and Mineral Resources Minister Arifin Tasrif said in Jakarta on Friday, February 2, 2024.

Arifin and Pertamina visited Venezuela last week.

According to the official website of Pertamina , the Indonesian state-owned oil and gas company signed an agreement to purchase 24.53 percent of Maurel & Prom from Pacifico in 2016. The French-listed shares were acquired at EUR 4.20 per share, plus a premium of EUR 0.5 per share.

Besides Venezuala, Pertamina is also managing several oil fields abroad Arifin said Pertamina is concluding a cooperation with Italian oil and gas company ENI to develop oil and gas field abroad. ” ENI is very welcome,” Arifin said.

Audit

An investigative report by the Supreme Audit Agency (BPK) reveals that they found irregularities in the acquisition of Maurel et Prom (M&P) by Pertamina through Pertamina International Exploration and Production (PIEP) with criminal indications of state losses at US$ 60 million.

Arifin said the Corruption Eredication Commission (KPK) can continue with their investigation process of the state losses. ” If there is fraud or iregularity, please solve it. We can see that oil field has a good potential in Venezuela,” he added.

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