Nigeria and Indonesia are deepening cooperation in the energy sector, with Indonesia’s state-owned oil company, Pertamina, signalling interest in investment opportunities under Nigeria’s 2026 upstream licensing round.
The development followed discussions between the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Mrs. Oritsemeyiwa Eyesan; Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno; and Pertamina’s Vice President for Upstream Business Development, Toriq Abdat.
According to a statement a signed by Eniola Akinkuotu, Head, Media and Communication, NUPRC, the talks centred on petroleum investments, energy security, resource development and strategies to boost crude oil production in both countries.
Eyesan said Nigeria and Indonesia shared similar priorities, particularly the need to maximise their natural resources while attracting fresh investments into the oil and gas industry.
The engagement comes as both countries pursue ambitious production targets.
Nigeria is seeking to raise crude oil output to three million barrels per day by 2030 from the current level of about 1.6 to 1.7 million barrels per day, while Indonesia, currently producing about 600,000 barrels daily, is targeting 2.3 million barrels per day.
Abdat said Pertamina had been mandated to expand its international operations as Indonesia seeks additional sources of energy to meet growing domestic demand.
“We have been given a mandate to expand our business internationally. We are now in other countries outside Indonesia,” he said.
According to him, Pertamina’s exploration activities in Indonesia had yielded more gas than oil, prompting the company to intensify its search for oil and gas opportunities abroad.
He listed Malaysia, the Middle East, Iraq and Nigeria among countries where the company was exploring opportunities.
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Abdat said Pertamina was particularly interested in producing assets, projects close to production and opportunities yet to reach final investment decision (FID).
The company, he added, was open to both competitive bidding and bilateral arrangements with governments.
“We would like to be in projects with governments — producing assets, or near production, or before FID,” he said.
He added: “Now we are looking at how we can help you reach the three million, and also help us provide more energy for our own consumption.”
Responding, Eyesan said Nigeria remained committed to its three-million-barrel-per-day production target, describing the licensing round as a key strategy for attracting investment and unlocking new production.
“We have very aggressive targets, three million barrels per day by 2030, and today we are at 1.6, 1.7,” she said.
Eyesan said Nigeria’s licensing rounds had now become a recurring process under the Petroleum Industry Act (PIA) 2021 rather than an occasional exercise.
She disclosed that the last commercial bid conference, held in July, offered 50 assets, with 37 subsequently awarded.
The NUPRC chief also said Nigeria had reviewed its fiscal terms to make the upstream sector more competitive amid intense competition for global investment capital.
She noted that the country had reduced entry barriers, including signature bonuses, as part of efforts to attract more investors into the oil and gas sector.
Beyond petroleum, the discussions also touched on fertiliser production and food security.
The Indonesian delegation disclosed that Pertamina was developing a fertiliser plant to reduce Indonesia’s dependence on supplies from the Middle East, particularly against the backdrop of disruptions caused by the current global conflict.
The delegation stressed the link between food security and the oil and gas industry, noting that phosphate and other petroleum-related inputs are critical to fertiliser production.
Nigeria is also seeking to diversify its phosphate supply sources, including through a proposed long-term transatlantic pipeline project with Morocco aimed at serving the West African market.
The country has also simplified fertiliser distribution regulations, which previously involved about 160 layers of regulation.
At the end of the engagement, Nigeria and Indonesia agreed to maintain both the commercial and diplomatic tracks as they pursue deeper cooperation in energy and related sectors.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X