Indonesia’s state-owned oil company, Pertamina, has expressed interest in Nigeria’s 2026 upstream licensing round as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) opened talks with the Indonesian government and energy firm on increased investments in the country’s oil and gas sector.
The development followed a meeting between the NUPRC Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno, and Toriq Abdat, Vice President, Upstream Business Development, Pertamina.
Speaking during the meeting, Abdat said Pertamina was seeking producing assets, projects close to production and opportunities ahead of final investment decisions, adding that the company was prepared to consider both competitive bidding and bilateral arrangements.
He said: “We have been given a mandate to expand our business internationally, we are now in other countries outside Indonesia.
“In Indonesia we are producing only around 600,000 barrels. We are working on exploration towards deepwater but we found more gas than oil. That is why we go outside Indonesia, Malaysia, then the Middle East, Iraq and Nigeria.”
Abdat said Pertamina was interested in working with governments on projects that could increase production and strengthen energy security.
“We would like to be in projects with governments. Producing assets, or near production, or before FID. Now we are looking at how we can help you reach the 3 million, and also help us provide more energy for our own consumption.”
Responding, Eyesan said Nigeria and Indonesia had similar priorities around energy security, resource utilisation and attracting investments, stressing that Nigeria’s production target of three million barrels per day by 2030 remained a major objective.
“We have very aggressive targets, 3 million barrels per day by 2030, and today we are at 1.6, 1.7,” she said. “We are committed to the objective and the licensing round is one of the strategies we are utilizing.”
Nigeria currently produces about 1.6 to 1.7 million barrels of crude oil per day, while the country is targeting three million barrels per day by 2030.
Indonesia, which produces about 600,000 barrels daily, is also seeking to raise its production to 2.3 million barrels per day by 2030, a target its authorities have indicated cannot be achieved from domestic fields alone.
Eyesan said Nigeria’s licensing rounds had become a recurring exercise rather than an occasional process, following their institutionalisation under the Petroleum Industry Act (PIA) 2021.
She noted that the last commercial bid conference, held in July, featured 50 assets, with 37 subsequently awarded.
According to her, Nigeria had also reviewed its fiscal terms in response to competition for the same pool of international capital.
Eyesan said the country had reduced entry barriers, including signature bonuses, as part of efforts to make investments in its upstream sector more attractive.
A statement signed by NUPRC’S Head, Corporate Communications and Media, Eniola Akinkuotu, noted that discussions also extended beyond crude oil and natural gas, with the Indonesian delegation highlighting opportunities in fertiliser production and food security.
The delegation said Pertamina was building a fertiliser plant to reduce Indonesia’s dependence on supplies from the Middle East, particularly amid disruptions caused by the current global conflict.
“Food security relates to oil and gas because phosphate and the elements that make fertilizer,” the Indonesian delegation said.
Nigeria, on its part, is diversifying its phosphate sourcing, including through a long-term transatlantic pipeline project with Morocco aimed at serving the West African market.
The country has also simplified fertiliser distribution rules which previously involved about 160 layers of regulation.
The NUPRC said both sides agreed to maintain the commercial and diplomatic tracks of the engagement simultaneously as discussions on investment opportunities and energy cooperation continue.