NUPRC, Indonesia Open Talks On Oil Investments
By Kelvin Alohan
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened discussions with Indonesia over potential investments in Nigeria’s oil and gas sector, with Indonesian state-owned oil company, Pertamina, expressing interest in the country’s 2026 Licensing Round.
The development followed a meeting between the NUPRC Chief Executive, Oritsemeyiwa Eyesan; Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno; and Vice President, Upstream Business Development, Pertamina, Toriq Abdat.
The Head, Corporate Communications and Media, NUPRC, Eniola Akinkuotu, disclosed this in a statement on Sunday.
Nigeria and Indonesia share common priorities in energy security, resource development and attracting investments into the petroleum sector, as both countries seek to increase crude oil production.
Nigeria is targeting crude oil production of three million barrels per day (bpd) by 2030, compared with its current output of about 1.6 million to 1.7 million bpd.
Indonesia, which currently produces about 600,000 bpd, is also seeking to raise its production.
Abdat said Pertamina had been mandated to expand its international operations and was currently exploring investment opportunities in countries including Malaysia, Iraq and Nigeria.
He said the company was interested in producing assets, projects nearing production and opportunities ahead of Final Investment Decision (FID).
According to him, Pertamina was open to participating in both competitive bidding processes and bilateral arrangements with governments.
“We would like to be in projects with governments, producing assets, near production or before FID.
“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,” Abdat said.
He said Pertamina’s interest extended beyond crude oil and natural gas to the fertiliser sector, noting that the company was developing a fertiliser plant to reduce Indonesia’s dependence on supplies from the Middle East.
Abdat linked food security to the oil and gas industry, stressing the importance of phosphate and other minerals required for fertiliser production.
Responding, Eyesan said Nigeria’s target of three million bpd by 2030 was ambitious, but stressed that the 2026 Licensing Round was one of the strategies being deployed to achieve the objective.
“We have very aggressive targets, three million barrels per day by 2030, and today we are at 1.6, 1.7.
“We are committed to the objective and the licensing round is one of the strategies we are utilising,” she said.
Eyesan explained that licensing rounds had become a recurring exercise in Nigeria following their institutionalisation under the Petroleum Industry Act (PIA) 2021.
She said the most recent commercial bid conference, held in July, featured 50 assets, of which 37 were awarded.
The NUPRC boss also said Nigeria had reviewed its fiscal terms to remain competitive in attracting the limited pool of global oil and gas investment capital.
She said the country had reduced entry barriers, including signature bonuses, as part of efforts to stimulate investments in the upstream sector.
Meanwhile, Nigeria is also diversifying its phosphate supply sources, including through a long-term transatlantic pipeline project with Morocco aimed at supporting fertiliser production across West Africa.
The meeting ended with both sides agreeing to sustain commercial and diplomatic engagements on potential areas of cooperation in the petroleum and fertiliser sectors.
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