Indonesia's state-owned energy company, Pertamina, is examining opportunities in Nigeria's oil and gas sector, particularly in producing fields and projects yet to reach final investment decision. This development was disclosed during discussions between Pertamina's Vice-President, Upstream Business Development, Toriq Abdat, and the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan. The engagement aims to deepen economic and energy cooperation between Nigeria and Indonesia.
Pertamina's interest in Nigerian oil assets comes ahead of Nigeria's 2026 oil licensing round, as the country seeks to attract fresh capital into its upstream oil and gas industry and accelerate growth in crude oil production. Nigeria currently produces between 1.6 million and 1.7 million barrels per day, with a target of three-million-barrel-per-day by 2030. The licensing round is part of the Nigerian Upstream Petroleum Regulatory Commission's strategy to bring additional investments into the sector.
Pertamina's push into international markets is driven by the limitations of its domestic upstream portfolio, which produces only around 600,000 barrels. The company is working on exploration towards deepwater but has found more gas than oil. Abdat explained that Pertamina has been given a mandate to expand its business internationally, with a focus on investments capable of contributing to production in the near term.
The Nigerian Upstream Petroleum Regulatory Commission is deploying licensing rounds alongside other measures to bring additional investments into the sector and help close the gap between current production and the 2030 target. The commission's most recent licensing round demonstrated considerable interest from prospective investors, with 300 companies participating in the process involving 50 assets.
The forthcoming licensing exercise will make oil and gas acreage available to investors at regular intervals, spanning different geological and operating environments, including onshore, shallow-water, and deep offshore areas, as well as frontier basins. The acreage includes locations such as the Benue Trough, Chad Basin, Anambra Basin, and Benin Basin.
The discussions with the Indonesian delegation extended beyond upstream petroleum, exploring opportunities in fertiliser production to strengthen agricultural supply chains and reduce exposure to disruptions in international supply. Nigeria is pursuing similar objectives through efforts to diversify its sources of phosphate and a proposed long-term transatlantic pipeline initiative involving Morocco.
With both countries seeking to address energy and food-security challenges while attracting international investment, the discussions are expected to continue along both commercial and diplomatic channels. The engagement between Pertamina and the Nigerian Upstream Petroleum Regulatory Commission is a significant step towards deepening economic and energy cooperation between Nigeria and Indonesia.
Key points
- Pertamina is evaluating opportunities in Nigeria's oil and gas sector, particularly in producing fields and projects yet to reach final investment decision.
- Nigeria aims to boost crude oil production to three-million-barrel-per-day by 2030 through licensing rounds and other measures.
- The discussions between Pertamina and Nigeria also explored opportunities in fertiliser production to strengthen agricultural supply chains.
