By Obiabin Onukwugha
Indonesian national oil company, Pertamina, has indicated interest to participate in the upcoming 2026 licensing round of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
A statement by NUPRC Head, Corporate Communications and Media, Eniola Akinkuotu, on Sunday, said the decision followed a recent meeting between the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, and Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno; and Toriq Abdat, the Vice President for Upstream Business Development at Pertamina.
The talks come as both countries work to increase production. Nigeria currently produces approximately 1.7 million barrels of oil per day and is targeting 3 million by 2030 while Indonesia produces roughly 600,000 barrels daily and seeks to hit 2.3 million by 2030, a target it says it cannot meet from domestic fields alone.
The Indonesian delegation noted that it is exploring other opportunities outside crude oil and gas.
During the meeting, Eyesan said Nigeria and Indonesia displayed similar priorities which are energy security, resource utilization and attracting investments.
“We have very aggressive targets, 3 million barrels per day by 2030, and today we are at 1.6, 1.7” she said. “We are committed to the objective and the licensing round is one of the strategies we are utilizing,” Eyesan said.
According to the NUPRC boss, licensing rounds in Nigeria have become a recurring exercise rather than an occasional one, institutionalised under the Petroleum Industry Act 2021. The last commercial bid conference held in July with 50 assets on offer and 37 awarded.
Eyesan said Nigeria’s fiscal terms have been reset in direct response to competition for the same pool of capital. She also noted that Nigeria had reduced entry barriers including signature bonuses in order to incentivise investments.
The Vice President for Upstream Business Development at Pertamina, Toriq Abdat, stated that the company was working towards expanding its business internationally.
“We have been given a mandate to expand our business internationally, we are now in other countries outside Indonesia. In Indonesia we are producing only around 600,000 barrels. We are working on exploration towards deepwater but we found more gas than oil. That is why we go outside Indonesia, Malaysia, then theMiddle East, Iraq and Nigeria,” he said.
Abdat also stated that Pertamina is looking for producing assets or projects close to production, including opportunities available before a final investment decision, and would consider both competitive bids and bilateral arrangements.
“We would like to be in projects with governments. Producing assets, or near production, or before FID.” “Now we are looking at how we can help you reach the 3 million, and also help us provide more energy for our own consumption.,” Abdat stated.
