Indonesia expresses interest in Nigeria’s 2026 oil licensing round, says NUPRC

By Onu Okorie

Indonesia’s state-owned oil company, Pertamina, has expressed interest in Nigeria’s upcoming 2026 oil licensing round as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) intensifies efforts to attract international capital into the country’s upstream petroleum sector.
The development followed high-level discussions between the 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.
The talks focused on opportunities for petroleum investment, energy security, resource utilisation and collaboration between the two countries as Nigeria and Indonesia seek to raise domestic oil and gas production.
Eyesan said Nigeria and Indonesia share similar priorities, particularly the need to strengthen energy security, maximise natural resources and attract fresh investment into the petroleum sector.
Nigeria currently produces about 1.6 million to 1.7 million barrels of crude oil per day and has set a target of three million barrels per day by 2030.
Indonesia, which produces about 600,000 barrels per day, is targeting 2.3 million barrels per day by 2030, but has acknowledged that its domestic fields alone may not be sufficient to achieve the target.
Abdat said Pertamina had received a mandate to expand its international operations and was therefore examining opportunities in countries including Malaysia, Iraq and Nigeria.
He said the company was particularly interested in producing assets, projects nearing production and opportunities that are approaching final investment decision (FID).
“We have been given a mandate to expand our business internationally. We are now in other countries outside Indonesia,” Abdat said.
He added that Pertamina was interested in working with governments through both competitive bidding processes and bilateral arrangements.
“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,” he said.
Responding, Eyesan said Nigeria’s three-million-barrels-per-day production target remained a major priority, with the licensing round serving as one of the strategies being deployed to attract investment and unlock additional production.
“We have very aggressive targets, three million barrels per day by 2030, and today we are at 1.6, 1.7,” she said.
The NUPRC chief executive explained that Nigeria’s licensing rounds had become a regular feature of the upstream industry following their institutionalisation under the Petroleum Industry Act (PIA) 2021.
She noted that the most recent commercial bid conference, held in July, featured 50 assets, of which 37 were awarded.
Eyesan also highlighted changes to Nigeria’s fiscal regime, saying the government had adjusted fiscal terms in response to intense competition for international investment capital.
According to her, measures including the reduction of entry barriers and signature bonuses were designed to make Nigerian upstream opportunities more attractive to investors.
Beyond crude oil
The discussions also extended beyond crude oil and natural gas, with the Indonesian delegation highlighting opportunities around fertiliser production and food security.
Pertamina is building a fertiliser plant in Indonesia as part of efforts to reduce the country’s dependence on supplies from the Middle East and strengthen its resilience against disruptions arising from global conflicts.
The Indonesian delegation linked fertiliser security to the petroleum sector, noting that phosphate and other inputs required for fertiliser production are critical to food security.
Nigeria is similarly pursuing measures to strengthen fertiliser supply, including efforts to diversify phosphate sourcing.
The country is also pursuing a long-term transatlantic pipeline project with Morocco aimed at supporting fertiliser and energy-related development across West Africa.
The Federal Government has also simplified fertiliser distribution rules, reducing a regulatory structure that previously involved about 160 layers.
The engagement between NUPRC and the Indonesian delegation is expected to keep both commercial and diplomatic channels open as the two countries explore opportunities for upstream investment, energy security and wider cooperation.
For Nigeria, the interest from Pertamina comes as the NUPRC seeks to use the 2026 licensing round and revised investment terms to attract capital required to increase production towards the country’s 2030 target.