Pertamina’s interest in Nigeria’s oil and gas sector extends beyond crude production, with the Indonesian national oil company also exploring opportunities in fertilizer production and other areas of energy cooperation.
The company’s interest comes as Nigeria seeks to raise crude oil output to three million barrels per day, bpd, by 2030, with the 2026 Licensing Round serving as one of the strategies for attracting fresh investment into the upstream sector.
The development follows a meeting between the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Chief Executive, Oritsemeyiwa Eyesan; Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno; and Toriq Abdat, Vice President, Upstream Business Development at Pertamina.
Nigeria and Indonesia share similar priorities around energy security, resource utilization and investment in the petroleum sector as both countries seek to increase oil production.
Nigeria currently produces about 1.6 million to 1.7 million bpd, while Indonesia produces about 600,000 bpd and is also seeking to increase its output.
Abdat said Pertamina had been mandated to expand its operations internationally and was exploring opportunities in countries including Malaysia, Iraq and Nigeria.
“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 the Middle East, Iraq and Nigeria,” he said.
Abdat said Pertamina was seeking producing assets, projects nearing production and opportunities ahead of Final Investment Decision, FID. He said the company was open to both competitive bidding and bilateral arrangements with governments.
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“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.
Beyond crude oil and natural gas, Abdat expressed interest in opportunities in the fertilizer sector. He said Pertamina was developing a fertilizer plant to reduce Indonesia’s dependence on supplies from the Middle East amid disruptions caused by global conflicts.
Abdat linked food security to the oil and gas sector, noting the importance of phosphate and other elements used in fertilizer production.
Nigeria is also diversifying its phosphate sources, including through a long-term transatlantic pipeline project with Morocco aimed at serving West Africa.
Eyesan said Nigeria’s production target was ambitious, adding that the 2026 Licensing Round was one of the strategies being deployed to achieve it.
“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 utilizing,” she said.
Eyesan said licensing rounds had become a recurring exercise in Nigeria rather than an occasional process following their institutionalization under the Petroleum Industry Act 2021. She said the most recent commercial bid conference, held in July, featured 50 assets, with 37 awarded.
The NUPRC chief executive said Nigeria had also reviewed its fiscal terms in response to competition for the same pool of global investment capital.
She said the country had reduced entry barriers, including signature bonuses, to encourage investment in the upstream sector.
The meeting ended with both sides agreeing to sustain commercial and diplomatic engagements on potential areas of cooperation.
NAN
