Indonesia Energy Corporation (IEC), an E&P company focused on high-growth energy assets, has signed a Memorandum of Understanding (MOU) with Aguila Energia e Participações Ltda. (AEP), an affiliate of Rio de Janeiro–based investment firm Aguila Capital.
The MOU establishes a cooperative framework between the parties to jointly identify, evaluate, and pursue potential opportunities to acquire or participate in oil and gas or other energy-related assets and projects in Brazil. The cooperation combines IEC’s oil and gas and capital market experience with AEP’s capabilities in local Brazilian transactions, regulatory engagement and asset development.
“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,” said Frank Ingriselli, IEC’s President. “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 commercializing 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.”
“Brazil’s Oferta Permanente bid system allows year-round acquisition opportunities of relinquished and new exploration and production blocks, creating potential faster deal cycles once qualification and bid requirements are met,” Ingriselli continued.
The announcement comes just a few weeks after IEC announced that it plans to drill two (2) back-to-back wells on its 63,000 acre Kruh Block in Indonesia commencing in the fourth quarter of 2025. This new drilling activities will be supported by the previously announced exploratory seismic work which was undertaken by IEC during 2024 and early 2025 that upgraded IEC’s wellsite prospects and drilling locations with a view towards maximizing production.
In May 2025, IEC reported that investments in Kruh Block and the 3D seismic work completed earlier this year resulted in a 60% increase in proved gross reserves.
The MOU is a non-binding statement of intent. IEC and AEP will seek to enter into appropriate definitive agreements for projects on an opportunity-by-opportunity basis.
