Indonesia’s state-owned energy company, Pertamina, will submit proposals to Iran to explore two oil fields in the country, Oil Price reported. The oil fields are located in Ab Teymour and Mansouri.
Based on a study conducted by Pertamina, the oil reserves in the two fields amount to 1.5b barrels. “The production potential reaches 200,000b/d in each field,” The Jakarta Post informed citing the company’s statement.
Early February, Iran sent its first oil cargo to Indonesia following the end of the sanctions in 2016. Additionally, Indonesia plans to buy natural gas at competitive prices from Iran to meet domestic energy needs, particularly for power plants to supply electricity to the petrochemical and fertilizer industry, as well as for special economic zones.
In related news, Indonesia announced it will be investing in Iran’s upstream oil sector, while Iran will invest in refining and the downstream sector of the Indonesian oil industry.
At the beginning of 2017, the National Iranian Oil Company (NIOC) published a list of 29 companies that had qualified for bidding in Iran’s oil and gas tenders. Indonesia’s Pertamina was one of them.