By ebosele@hotmail.com –
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened discussions with Indonesia on potential petroleum investments, with Indonesia’s national oil company, Pertamina, expressing interest in Nigeria’s upcoming 2026 licensing round.
City Business News reports that the
development followed a meeting between the Commission Chief Executive, NUPRC, Mrs. Oritsemeyiwa Eyesan, Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno, and Toriq Abdat, Vice President, Upstream Business Development at Pertamina.
The talks are focused on deepening cooperation and investment in the petroleum sector as both countries seek to increase crude oil production and attract fresh investments into their upstream industries.
Nigeria currently produces approximately 1.7 million barrels of crude oil per day and is targeting production of three million barrels per day by 2030.
Indonesia, meanwhile, produces roughly 600,000 barrels per day and has set a target of increasing production to 2.3 million barrels per day by 2030.
However, Indonesia has acknowledged that achieving its production target will require additional investment and cannot be met from domestic fields alone.
The interest expressed by Pertamina in Nigeria’s 2026 licensing round therefore provides an opportunity for increased bilateral cooperation and potential investment in Nigeria’s upstream sector.
The engagement also comes amid efforts by the NUPRC to attract credible investors into Nigeria’s oil and gas industry and expand production through new field developments, improved investment and increased participation in licensing opportunities.
