Indonesia Seeks Stable Oil Supplies through Guyana and Suriname Investments

Indonesia's state-owned energy company Pertamina is exploring investment opportunities in Guyana and Suriname to reduce reliance on imported oil. The country currently produces around 600,000 barrels of crude oil per day but consumes over 1.6 million bpd.

The Indonesian government hopes that by acquiring minority equity stakes in upstream projects in these countries, it can secure a more stable supply of oil and reduce imports from the Middle East. Guyana's oil production has been booming, with an Exxon-led consortium producing 900,000 bpd of crude oil from the Stabroek block.

Suriname aims to become South America's new big oil producer by the end of the decade, with several offshore blocks being explored and developed by consortia led by international firms. TotalEnergies is developing a $10.5-billion oil project in Block 58, with first oil expected in 2028.

According to Grata Endah Werdaningtyas, Director General for American and European Affairs at Indonesia's Foreign Ministry, 'investment implies that we hold an ownership stake in the source, thereby making supplies from that region more secure for us.'