Pertamina considers investments in oil and gas production in Guyana and Suriname
Indonesian state energy company Pertamina is considering investments in oil and gas exploration and production in Guyana and Suriname. This could help Indonesia diversify its energy supplies and strengthen the country’s energy security, OilPrice reports.
Talks on stakes in projects
Grata Enda Werdaningtyas, Director General for Americas and Europe at Indonesia’s Ministry of Foreign Affairs, said Pertamina has already begun preliminary discussions on cooperation in exploration and investments in upstream oil and gas projects in Guyana and Suriname.
According to the Indonesian government’s assessment, the company may acquire minority stakes in production projects in these countries. Owning a stake in a supply source, the Foreign Ministry representative said, should make deliveries from the region more reliable for Indonesia and reduce its dependence on imports from the Middle East.
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Indonesia’s demand and production in South America
Indonesia produces about 600,000 barrels of crude oil per day, while its consumption stands at around 1.6 million barrels per day. A significant share of crude oil imports has traditionally come from the Middle East. As OilPrice notes, due to the war with Iran and disruptions in the Strait of Hormuz, the country began seeking alternative supply sources, including in Russia, an aggressor state. This summer, Indonesia received its first cargo of Russian oil under an agreement concluded with Moscow in April.
In Guyana, a consortium led by Exxon is already producing 900,000 barrels of oil per day at the offshore Stabroek block. Suriname is also developing offshore fields: at Block 58, TotalEnergies is implementing the $10.5 billion GranMorgu oil project. According to OilPrice, first oil from this project is expected in 2028.
