"We invite Russian investors to participate in exploring new oil fields and offshore gas reserves," he remarked, as quoted from the official statement here on Friday.
Energy was one of the key topics during the high-level meeting between the two countries. Both sides expressed interest in joint ventures spanning exploration and production of liquefied natural gas (LNG) as well as oil supply.
Lahadalia has hoped the collaboration will benefit the involved parties, particularly in boosting Indonesia's national oil and gas lifting targets, as President Prabowo has set ambitious goals for energy self-sufficiency.
To help the Southeast Asian country in meeting the objective, the Russian government has offered to modernize Indonesia's oil and gas infrastructure.
The modernization would include leveraging advanced technology to optimize existing oil wells that are currently assessed as less productive.
"We are interested in modernizing (Indonesia’s mining) infrastructure to boost oil production from old fields," Russian President Vladimir Putin said during a press conference.
The Indonesian Ministry of Energy and Mineral Resources stated that various collaborations in the energy sector, including oil and gas, coal, electricity, new and renewable energy, and energy efficiency, have strengthened the relationship between the two countries.
One notable example is the ongoing collaboration on the construction of refineries and petrochemical facilities in Tuban, East Java, Indonesia, between a Russian energy company headquartered in Moscow, PJSC Rosneft Oil Company (ROSNEFT), and Indonesia’s state-owned oil and gas company, Pertamina.
According to Pertamina's official website, the project, known as the GRR Tuban Refinery (Grass Root Refinery Tuban), has been established since November 2017 and is run through a joint venture company called PT Pertamina Rosneft Pengolahan & Petrokimia (PRPP).
The Grass Root Refinery (GRR) Tuban Refinery is a fuel refinery that utilizes advanced technology and has a crude oil processing capacity of up to 300 thousand barrels per day.
It is also capable of producing a total of 10,921 kilotons of fuel per year and 5,060 kilotons of petrochemical products and other petrochemical derivatives per year.
The Indonesian government hopes this model of collaboration will serve as a foundation for future oil and gas projects between the two countries while also injecting high-tech investment into Indonesia's national industry.
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Reporter: Putu Savitri, Uyu Liman
Editor: Azis Kurmala
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