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Pertamina’s Venezuela assets help diversify oil supply: Deputy FM

Jakarta (ANTARA) – Deputy Minister of Foreign Affairs Arif Havas Oegroseno said that Pertamina's assets in Venezuela, which have recently been cleared to resume full operations, would support Indonesia's efforts to diversify its oil supply sources amid ongoing energy market volatility. “We have just received permission to resume operations in Venezuela,” he informed after a working meeting with Commission I of the Indonesian House of Representatives (DPR RI) in Jakarta on Thursday.He confirmed that Indonesia is currently working to explore new oil sources in several other countries in South America amid tensions between the United States, Israel, and Iran in the Strait of Hormuz.”We are looking for more countries with oil and gas potential. Almost all countries in Latin America have potential,” Havas continued.Given South America's abundant oil and gas reserves, Indonesia is also exploring investment opportunities in this sector across the region.Havas said negotiations between state-owned oil company PT Pertamina and partners in several South American countries are already underway, but remain at an early exploratory stage.He addressed that Indonesia's interests in oil and gas expansion in South America will be represented by Pertamina International Exploration and Production (PIEP), which currently controls assets in Venezuela.Furthermore, Indonesia is also optimizing alternative oil sources in several African countries, such as Algeria, Nigeria, and Angola.According to him, Indonesia's current strategy is to secure oil imports from sources that are not affected by the closure of the Strait of Hormuz.PIEP is known to control 71.09 percent of the shares of the French oil and gas company, Maurel & Prom (M&P), which has assets in Venezuela.The company ensured that its oil assets in Venezuela remained unaffected by the US military operation in January that led to the arrest of President Nicolas Maduro and his transfer to the United States. PIEP also said it continues to closely monitor developments and maintain coordination with the Indonesian Embassy in Caracas as a precautionary measure.