Oil, gas and petrochemistry are major topics of economic discussions between Iranian and Indonesian officials during the Indonesian president visit to Iran.

Indonesian companies are interested to join upstream projects in Iran's oil industry in fields like Ab Teymour and Mansouri oilfields, said Chairman of the People's Consultative Assembly (MPR) of Indonesia Zulkifli Hasan.

OPEC had proposed Indonesia cut oil production by about 37,000 barrels per day (bpd), or about 5 percent of its output, which would dent the already slipping oil rent in Southeast Asia's largest economy. Indonesia's Energy and Mineral Resources Minister Ignasius Jonan, who attended the Vienna meeting, said the only reduction Indonesia could accept was a cut of 5,000 bpd, which had been approved in the country's 2017 budget.

Pertamina’s income surged from USD 914 million to USD 2.83 billion, thanks in part to efficiency gains that resulted in a USD 834-million reduction in operational costs.

US major ConocoPhillips will sell its 40% operating interest in the South Natuna Sea oil and gas production-sharing block B to Indonesian player Medco Energi, the latter announced on Monday.

In recent years, given the huge potential in Indonesia LNG market, JSK has ventured into the LNG supply chain. Recently, it was awarded the LNG re-gasification and storage contracts to support a gas-fired power plant in Bali, Indonesia. Following the successful completion of the deal, Coastal Contracts would have joint control over JSK Gas’s operating subsidiaries and assets. JSK Gas, through its 99% owned subsidiary Benoa Gas Terminal (BGT), would be engaged in the operations and transfer of a floating LNG regasification unit over a five-year contract period.

Indonesia's Pertamina has signed a deal with Petrochemical Commercial Company (PCC) of Iran for the import of refined petroleum and petrochemical products.

Indonesia is looking to increase imports of LPG, petrochemical products and crude oil from Iran in the near future. Earlier this year, Indonesia inked a deal to buy LPG from Iran.

The Bangka project, majority owned by Chevron, will start operation in August, Wiratmaja Puja, the director general of oil and gas at Indonesia's Energy Ministry, told Reuters in an interview. Italian oil firm Eni's Jangkrik project is 80 percent complete and is expected to commence operation in July 2017, he said.

Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead.