State-owned energy company PT Pertamina is exploring upstream oil and gas investment opportunities in Guyana and Suriname to diversify supply sources and strengthen national energy security, according to Indonesia’s Foreign Affairs Ministry. Grata Endah Werdaningtyas, the ministry’s Director General for American and European Affairs, stated during a Monday press briefing in Jakarta that the state energy firm has initiated exploratory discussions regarding upstream participation in the northern coast of South America.
Geopolitical Volatility and the Shift Toward Latin American Reserves
Offshore oil reserves off South America’s northern coast are gaining global prominence, with regional output projected to reach 200,000 barrels per day by 2028, according to the Ministry of Foreign Affairs. Grata explained that acquiring equity stakes in Latin American oil fields will reduce Indonesia’s reliance on single-source imports.
According to Ministry of Foreign Affairs statements reported by Antara, this strategic pivot aims to mitigate risks tied to geopolitical instability. Grata specifically pointed to ongoing volatility in the Strait of Hormuz amid tensions between the United States and Iran.
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According to the Foreign Affairs Ministry, securing equity ownership differs from standard purchasing because holding an ownership stake in the source makes supply lines significantly more secure for Indonesia.
Expanding Trade Metrics Ahead of the INA-LAC Business Mission
The upstream oil initiative forms part of a broader economic push into Latin America and the Caribbean. Ministry data shows that two-way trade between Indonesia and the region reached US$16.1 billion in 2025. That figure comprised US$7.6 billion in Indonesian exports and US$8.5 billion in imports.
Despite those figures, trade with Latin America and the Caribbean accounted for only 3 percent of Indonesia’s total global trade, leaving substantial room for expansion. To drive further economic engagement, the Foreign Affairs Ministry will host the annual Indonesia-Latin America and Caribbean (INA-LAC) business mission in Chile on October 1–2, 2026, as confirmed by Antara.
Frequently Asked Questions
Why is PT Pertamina targeting Guyana and Suriname?
What is the projected oil output for the region?
According to Ministry of Foreign Affairs briefings, offshore oil production along the northern coast of South America is projected to reach 200,000 barrels per day by 2028.
What is the INA-LAC business mission?
The Indonesia-Latin America and Caribbean business mission is an annual event hosted by the Foreign Affairs Ministry to expand trade and economic ties. The 2026 meeting is scheduled for Chile on October 1–2.
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