Indonesia Energy Corporation (IEC) and Aguila Energia e Participações (AEP) have signed an MoU to explore energy opportunities in Brazil, focusing on oil and gas assets. IEC’s President sees Brazil as a prime market for investment. The collaboration will leverage IEC’s industry expertise and AEP’s local market insights to build a diversified energy portfolio.

IEC plans to drill two wells on its Kruh Block in Indonesia, following seismic work that upgraded drilling locations. The company recently reported a 60% increase in proved gross reserves at the Kruh Block. The collaboration with AEP is a non-binding agreement, with definitive agreements to be signed on a project-by-project basis.

The strategic move to explore opportunities in Brazil aligns with IEC’s growth strategy to scale production and diversify its portfolio. The collaboration with AEP will not only focus on Brazil but also on commercializing Indonesian assets and identifying new growth projects domestically. This partnership aims to advance IEC’s expansion plans in the energy sector.

Read more at Yahoo Finance: IEC signs MoU with AEP to pursue energy opportunities in Brazil