Oil and gas exploration and production company Indonesia Energy Corp. (IEC) has entered into a memorandum of understanding (MoU) with Brazil's Aguila Energia e Participações (AEP) to explore potential energy opportunities in Brazil.
The agreement enables both parties to jointly identify, assess and pursue acquisitions or participation in oil and gas or other energy-related assets and projects in Brazil.
IEC president Frank Ingriselli said: “We believe Brazil is experiencing an attractive convergence of market catalysts that create an exceptional entry point for nimble independent oil and gas companies like ours.”
This strategic move combines IEC's industry expertise in oil and gas and capital markets and AEP's local market insights in transactions, regulatory engagement and asset development to build a diversified energy portfolio.
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 programme 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.”
The collaboration follows IEC's recent plans to drill two wells back-to-back on its 63 000-acre Kruh Block in Indonesia, starting in the Q4 of this year.
These drilling operations will benefit from the exploratory seismic work conducted by IEC last year and early 2025, which has upgraded the company's well site prospects and drilling locations.
In May 2025, IEC unveiled a 60% increase in proved gross reserves at the Kruh Block, following investments and the completion of 3D seismic work earlier in the year.
The agreement with AEP is a non-binding statement of intent and the companies will look to sign definitive agreements for projects on an opportunity-by-opportunity basis.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22082025/iec-signs-mou-with-aep-to-pursue-energy-opportunities-in-brazil/