Iran, Indonesia co-op in upstream oil and gas

Indonesia State Oil Company is supposed to sign an MoU with National Iranian Oil Company on some issues, especially on upstream oil and gas and Indonesia's presence in some Iranian oil and gas blocks.

An official with Indonesia state oil company said that National Iranian Oil Company is interested in saving fuel and oil refineries in Indonesia which is necessary for Indonesia.

Referring to saving fuel, the official added that Indonesia is capable of saving energy for just 18-22 days at the moment.

Iranian Petroleum Ministry high-ranking officials and the officials of Indonesia Ministry of Energy and Mineral Resources signed an MoU after holding the first meeting of the Joint Committee of the two countries in the fields of oil and gas and petrochemical and considering the development of relations to expand bilateral ties in post-sanction era last Iranian calendar year (Beginning on March 21, 2015).

Minister of Energy and Mineral Resources Sudirman Said in a visit to Iran in May-June conferred with Iranian Petroleum Minister Bijan Zangeneh on bilateral ties and mutual cooperation.

On the side lines of the aforementioned visit, Deputy Head of Indonesia state oil company (Pertamina) signed a contract to sell 80,000 tons of Iranian Liquefied gas to Indonesia due to its need to Liquefied petroleum gas (LPG).

Indonesia produces about 817,000 barrels oil per day and it requires to import exactly the same amount of oil.

As per predictions, Indonesia produced about 942,000 barrels oil per day in 2010 and it was supposed to produce 835,000 barrels in 2016, but it will reach 550,000 barrels by 2020.

Source: IRNA