The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has initiated discussions with Indonesia on potential petroleum investments. This follows a meeting between NUPRC's Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, and Indonesia's Vice Minister of Foreign Affairs, Arif Havas Oegroseno, as well as the Vice President for upstream business development at Pertamina, Toriq Abdat. Both countries share priorities of energy security, resource utilisation, and attracting investments.
Nigeria aims to increase its oil production to three million barrels per day by 2030, while currently producing approximately 1.7 million barrels per day. Indonesia, which produces around 600,000 barrels per day, targets 2.3 million barrels per day by 2030. However, Indonesia has noted that it cannot meet this target from domestic fields alone. Pertamina is seeking to expand its business internationally, having already invested in other countries such as Malaysia and Iraq.
Pertamina is interested in the 2026 licensing round in Nigeria and is looking for producing assets or projects close to production. The company is open to both competitive bids and bilateral arrangements. According to Abdat, Pertamina's goal is to participate in projects with governments, producing assets, or near production, and before a final investment decision. This presents an opportunity for Nigeria to attract foreign investment and achieve its oil production targets.
The NUPRC has institutionalised licensing rounds under the Petroleum Industry Act (PIA) 2021. The last commercial bid conference was held in July 2026, with 50 assets on offer and 37 awarded. Eyesan noted that Nigeria's fiscal terms have been reset to compete for the same pool of capital. The country has reduced entry barriers, including signature bonuses, to incentivise investments and attract foreign investors like Pertamina.
Indonesia's national oil company, Pertamina, is diversifying its investments beyond crude oil and gas. The company is building a fertiliser plant to reduce its dependence on Middle Eastern supply, which has been disrupted by the current global conflict. This move aligns with Nigeria's efforts to ensure food security and energy self-sufficiency. The discussions between Nigeria and Indonesia mark a significant step towards cooperation in the oil and gas sector.
The meeting between NUPRC and Pertamina officials highlights the potential for collaboration between Nigeria and Indonesia in the oil and gas industry. With Pertamina's commitment to help Nigeria achieve its three million barrels per day target, both countries can benefit from the partnership. Nigeria can leverage Indonesia's expertise and investment, while Indonesia can gain access to new opportunities and resources.
The partnership between Nigeria and Indonesia is expected to boost oil production and attract foreign investment. Key aspects of the partnership include Pertamina's participation in Nigeria's 2026 licensing round and investments in producing assets. The collaboration aims to enhance energy security and resource utilisation in both countries.
Key points
- Nigeria and Indonesia discuss oil investments to help realise Nigeria’s three million barrels per day oil production target.
- Pertamina eyes 2026 licensing round in Nigeria.
- Both countries share priorities of energy security, resource utilisation, and attracting investments.
