Indonesia Energy (IEC) has signed a memorandum of understanding (MoU) with Brazilian energy company Aguila Energia e Participações (AEP) to explore new ventures.
The MoU will explore potential oil, gas, and energy-related projects in Brazil.
The collaboration leverages Indonesia Energy’s expertise in oil and gas with Aguila Energia’s local knowledge and regulatory experience.
The non-binding MOU aims to identify and evaluate opportunities in Brazil’s energy sector to build a diversified energy portfolio.
IEC said the agreement aligns with its strategy to expand operations beyond Indonesia. Both parties are planning to formalise it on a project-by-project basis.
IEC president Frank Ingriselli said: “This collaboration marks an exciting first step by IEC to evaluate world-class opportunities beyond Indonesia in Brazil, a market that has become one of the most attractive for upstream investment.
“Working with Blener Mayhew and his team will give us immediate local insight and access. In addition to opportunities in Brazil, AEP may also assist us in further commercialising our Indonesian assets and identifying new Indonesian domestic growth projects.
“Together with our planned drilling program at our Kruh Block, this initiative advances our growth strategy to scale production and diversify our portfolio in the final months of 2025 and beyond.”
According to IEC, building on its Oferta Permanente system, Brazil’s energy sector offers attractive opportunities. It allows year-round acquisition of exploration blocks.
While junior operators are divesting fields, Brazil’s royalty structure may offer higher cash flows, making it a strategic choice for Indonesia Energy’s expansion.
Recently, IEC announced plans to drill two wells on its Kruh Block in Indonesia, supported by seismic work completed in 2024 and early 2025.
The decision follows a reported 60% increase in proved reserves in May 2025.
