Indonesia’s state-owned energy company, Pertamina, is exploring investment opportunities in Nigeria’s upstream oil and gas sector, including the country’s 2026 oil licensing round. The move comes as Nigeria steps up efforts to attract international capital, increase crude oil production and unlock more value from its petroleum assets.
Pertamina’s interest followed discussions between the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno, and Pertamina’s Vice-President of Upstream Business Development, Toriq Abdat. The discussions focused on possible investments in producing assets, projects approaching final investment decisions and broader energy cooperation between Nigeria and Indonesia.
Pertamina said its international expansion is being driven partly by declining domestic production in Indonesia. The company is now looking beyond its home market for opportunities, with Nigeria among the countries under consideration. Abdat said Pertamina is particularly interested in projects capable of delivering production relatively quickly, including existing producing fields and developments close to production.
For Nigeria, the potential investment comes as the Federal Government targets three million barrels of crude oil per day by 2030, compared with current production of about 1.6 million to 1.7 million barrels per day. NUPRC Chief Executive, Oritsemeyiwa Eyesan, said licensing rounds remain one of the strategies being used to attract investors and expand the country’s production capacity.
The growing interest also highlights the potential significance of Nigeria’s 2026 oil licensing round, following strong participation in the previous exercise. NUPRC said about 300 companies showed interest in 50 available assets, while 196 applicants qualified for the bidding stage. With Pertamina now considering Nigerian assets, the licensing round could provide another opportunity to bring fresh international investment into the country’s oil and gas industry while supporting Nigeria’s broader energy and economic ambitions.
source: punch