Friday, February 23, 2024

Pertamina develops oil, gas fields in Venezuela

Reading Time: < 1 minute
Journalist IBP




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.


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.

Journalist IBP






We will provide you with an invoice for your reimbursable expenses.


New to Indonesian market? Read our free articles before subscribing to the premium plan. If you already run your business in Indonesia, make sure to subscribe to the premium subscription so you won’t miss any intelligence & business opportunities.


$550 USD/Year


$45 USD/Month

Cancelation: you can cancel your subscription at any time, by sending us an email

Add keywords to your market watch and receive notification:
Schedule a free consultation with us:

We’ll contact you for confirmation.


President Director of State electricity company PT PLN, Darmawan Prasodjo, has suggested that hydrogen fuel cell vehicles as future transportation is much more efficient when compared to fuel-based, even electric vehicles.
Vale Indonesia, a subsidiary of Canadian company Vale, has denied the Indonesian government’s claim that Vale Indonesia and Indonesian state-owned mining holding company MIND ID had reached an agreement with the government on the price of divestment shares.
Pertamina Hulu Mahakam (PHM) has secured the final investment decision (FID) approval to proceed with the implementation of the more than US$ 300 million Offshore Field Development Project (OPLL-3B) in the Mahakam Block.
Vela Alpha, a drone developed by PT Dirgantara Indonesia or PTDI in collaboration with PT Vela Prima Nusantara, also known as Vela Aero, made its appearance at the Singapore Airshow 2024 aviation exhibition.
The Upstream Oil and Gas Regulatory Task Force (SKK Migas), along with Inpex Corporation, is still studying global liquefied natural gas (LNG) market projections to secure long-term gas sales contracts for the Masela Block.
Ministry of Energy and Mineral Resources (ESDM) is unveiling a promising prospect for sustainable energy development mainly in Papua’s hydropower and its potential export.