Indonesia Energy

What Indonesia Energy does

Indonesia Energy Corporation Limited (NYSE American: INDO) is an independent upstream oil and gas company founded in 2014 that operates exclusively through Indonesian production-sharing and technical-assistance frameworks. The company holds a 100% participating interest in the producing Kruh Block in South Sumatra — 258 square kilometers with combined proved gross crude oil reserves of 4.99 million barrels (net 2.13 million barrels) and probable gross reserves of 2.59 million barrels (net 1.12 million barrels) as of January 1, 2019 — operated under a Technical Assistance Contract with Pertamina and currently structured as a Joint Operation Partnership (KSO) running through May 2030. Its second core asset, the Citarum Block in West Java, is a 3,925-square-kilometer gas-prone exploration block located 16 miles south of Jakarta, operated under a Production Sharing Contract (gross split regime) with the Government of Indonesia through July 2048; four wells drilled over the past decade have all encountered natural gas, with more than USD 40 million invested to date.

The business model is a commodity price-taker model: IEC sells crude oil and natural gas to direct offtakers at global reference prices (Brent-linked), with fixed operating cost structures creating high operating leverage to commodity prices. Kruh Block averaged approximately 330 barrels of oil per day gross in 2018, and the company's stated short-to-medium-term strategy is to ramp production via an 18-well drilling program supplemented by seismic surveys, with the first two wells (K-29 and WK-5) targeted for 2026. Operations are run from a Jakarta headquarters with a US corporate presence in Danville, California, and a management team drawn from Texaco, BP, ARCO, Macquarie Group, and Goldman Sachs. The company has begun to broaden beyond pure Indonesian upstream E&P via an October 2025 Memorandum of Understanding with Brazil-based Aguila Energia e Participações Ltda. (AEP) to develop hybrid solar-plus-gas pilot projects for off-grid data center power. The company is majority owned by Maderic Holding Limited, a private investment vehicle of co-founder and Chairman & CEO Dr. Wirawan Jusuf, and has reported annual net losses in the USD 3-6 million range against a total asset base of approximately USD 22.76 million.

Name

Indonesia Energy

Legal name

Indonesia Energy Corporation Limited

Website

https://indo-energy.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

Indonesia Energy Corporation is an independent upstream oil and gas producer with a 100% interest in the producing Kruh Block in South Sumatra and the exploration-stage Citarum Block near Jakarta, selling crude and gas to offtakers while exploring hybrid solar-gas projects in Brazil.

Ownership category

akta.pro rank

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Technology or R&D, Personnel, Infrastructure

Revenue model

1. Oil and Gas Production Sales: Revenue is generated through the sale of crude oil and natural gas produced from the Kruh Block in South Sumatra and the Citarum Block in West Java. Revenues are directly tied to global oil prices while operating costs remain largely fixed, creating high operating leverage to commodity price movements.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Indonesia Energy Corporation is an independent upstream oil and gas producer generating revenue through the sale of crude oil from the producing Kruh Block in South Sumatra and through natural gas exploration at the Citarum Block in West Java. The company operates under a Technical Assistance Contract with Pertamina (Kruh Block, through 2030) and a Production Sharing Contract with the Government of Indonesia (Citarum Block, through 2048), and is also exploring hybrid solar-gas pilot projects in Brazil.

Product overview

Indonesia Energy Corporation is an independent upstream oil and gas company operating primarily in Indonesia. The company's core product portfolio consists of two main assets: the producing Kruh Block (oil) in South Sumatra and the exploration-stage Citarum Block (natural gas) in West Java, with a strategy to build an optimum mix between medium-sized producing blocks and exploration blocks with significant potential resources. The company also has a strategic initiative for hybrid energy projects in Brazil combining solar power and natural gas.

Differentiator

Problem solved

Functional benefit

Products and services

• Kruh Block 258 sq km (63,753 acre) oil production block in South Sumatra, Indonesia, operated under a TAC with Pertamina; held 100% participating interest with 4.99 million barrels gross proved and 2.59 million barrels gross probable crude oil reserves as of January 1, 2019 and average 2018 gross production of about 9,900 barrels of oil per month.
• Citarum Block 3,925 sq km (195,000 acre) gas-prone exploration block located 16 miles south of Jakarta, operated under a PSC with the Government of Indonesia to July 2048; de-risked by four wells drilled in the past decade that all discovered natural gas at depths between 1,000 and 6,000 feet.
• Brazil Hybrid Energy Pilot Projects Two hybrid energy pilot projects in Brazil integrating solar power and natural gas, developed under an MOU with Aguila Energia e Participações Ltda. (AEP), targeting off-grid power supply for data centers and digital infrastructure.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Aguila Energia e Participações Ltda. (AEP)exploratoryStrategic or Co-development Partner · 24 October 2025Indonesia Energy Corporation (IEC) signed a Memorandum of Understanding (MOU) with Aguila Energia e Participações Ltda. (AEP) to explore collaboration on two hybrid energy pilot projects in Brazil, integrating solar power and natural gas. This follows a previous non-binding agreement to explore acquisitions or investments in Brazilian energy assets, aiming to develop off-grid power systems supporting data centers and digital infrastructure.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Regional players

• PTT Exploration and Production Public Company Limited: Thailand's national upstream E&P company with Southeast Asian operations including Indonesia. Comparable regional upstream operator focused on Asia-Pacific hydrocarbon production, though at much larger scale and state-backed.

Direct peers

• PEDEVCO Corp: Microcap US-listed upstream oil and gas company with prior Indonesia exposure. Highly comparable because Indonesia Energy's President Frank Ingriselli and CFO Gregory Overholtzer both previously ran PEDEVCO as founder/CEO and CFO respectively.
• KrisEnergy Ltd: Southeast Asia-focused independent upstream oil and gas operator with producing and exploration assets across the region, including Indonesia. Directly comparable in scale, asset mix (producing + exploration), and geographic focus.
• Gran Tierra Energy Inc: Small-cap independent upstream oil and gas producer focused on Latin America. Comparable as a micro/small-cap E&P with similar asset profile, capital constraints, and dependence on commodity prices for cash flow generation.

Broad incumbents

• PT Medco Energi Internasional Tbk: One of Indonesia's largest independent upstream oil and gas producers with diversified exploration, production, and downstream operations. Comparable as a domestic Indonesian E&P operator but operates at substantially greater scale and asset diversification.
• PT Energi Mega Persada Tbk: Indonesia-listed independent upstream oil and gas company with producing and exploration assets across Indonesia. Comparable as a domestic Indonesian E&P peer operating under similar PSC structures, though at larger scale.

Emerging players

• Cooper Energy Limited: Small-cap Asia-Pacific upstream oil and gas producer focused on Australia and Indonesia. Comparable as a small independent E&P with similar mix of producing and development assets targeting regional gas markets.
• Reconnaissance Energy Africa Ltd: Microcap exploration-stage oil and gas company with development-stage assets. Comparable as a small public E&P in early development phase with exploration upside as primary value driver.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/wj-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indonesia Energy