Indonesia Eyes Guyana and Suriname Oil Investments for Energy Security

Indonesia’s state energy company Pertamina has begun preliminary talks about taking minority equity positions in upstream oil and gas projects in Guyana and Suriname, the Indonesian foreign ministry said. The discussions are framed as exploratory cooperation on exploration and investment in the two South American countries’ offshore sectors. Jakarta says the potential acquisitions are intended to reduce dependence on Middle Eastern imports and make supplies more secure by owning stakes at the source. A foreign ministry official noted that holding equity in producing assets would help lock in supplies and strengthen energy security. The strategic push comes as Indonesia’s own output falls well short of domestic needs: the country produces roughly 600,000 barrels of crude per day while consuming about 1.6 million bpd. Historically, much of Indonesia’s imports have come from the Middle East; recent disruptions related to the Iran conflict and risks in the Strait of Hormuz prompted the government to seek alternative sources, including a deal that brought the first cargo of Russian crude under an agreement struck in April. Guyana and Suriname are viewed by Jakarta as promising targets because of rapid offshore development. Guyana’s Stabroek block, operated by an Exxon-led consortium, is producing around 900,000 bpd. In Suriname, international consortia with Staatsolie participation are developing multiple blocks, including Block 58 where TotalEnergies is advancing the $10.5 billion GranMorgu project with first oil expected in 2028. Indonesia’s approach would focus on minority upstream stakes rather than full asset acquisition.