The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has initiated discussions with Indonesia aimed at enhancing petroleum investments, particularly involving the Indonesian state oil company, Pertamina.
This engagement comes as Pertamina has expressed interest in Nigeria’s upcoming licensing round scheduled for 2026 while committing to support Nigeria’s objective of reaching a daily oil production of three million barrels by the year 2030. The discussions followed a meeting between NUPRC Chief Executive Mrs. Oritsemeyiwa Eyesan and Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno, along with Pertamina’s Vice President for upstream business development, Toriq Abdat.
According to a statement released by Eniola Akinkuotu, Head of Media and Corporate Communications at NUPRC, Eyesan remarked that both nations share similar priorities, focusing on energy security, effective resource utilization, and attracting investments.
Nigeria currently operates at an oil production level of approximately 1.7 million barrels per day while targeting an increase to three million barrels by 2030. Conversely, Indonesia’s production stands at around 600,000 barrels per day with a goal of reaching 2.3 million barrels, a target it acknowledges cannot be achieved solely through domestic fields.
Abdat stated that Pertamina is seeking producing assets or projects that are either in production or nearing a final investment decision. He further noted their international expansion mandate, highlighting other regions of interest like Iraq and Malaysia.
In response, Eyesan emphasized Nigeria’s stringent targets, reiterating the country’s commitment to achieve three million barrels per day by 2030. She pointed out that ongoing licensing rounds have become a regular part of Nigeria’s strategy for achieving its production goals, facilitated by the Petroleum Industry Act of 2021.
Additionally, the Indonesian delegation indicated an interest in diversifying its operations beyond crude oil and gas, mentioning plans for a fertilizer plant to reduce reliance on Middle Eastern supplies amid global disruptions. Nigeria is also aiming to diversify its phosphate sourcing in connection with projects in Morocco and has simplified prior regulations around fertilizer distribution.
Both countries agreed to maintain commercial and diplomatic discussions simultaneously, signaling a collaborative approach towards energy development.
