The Indonesian national oil company, Pertamina, has expressed interest in participating in Nigeria’s 2026 oil licensing round as it seeks producing and near-production assets to boost its international upstream operations.
The Vice President, Upstream Business Development, Pertamina, Toriq Abdat, disclosed this during a meeting with the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, Mrs Oritsemeyiwa Eyesan, and Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno, according to a statement by the NUPRC Head of Corporate Communications and Media, Eniola Akinkuotu, on Sunday.
Abdat was quoted as saying that Pertamina was expanding its upstream operations beyond Indonesia and was looking at opportunities in Nigeria, including producing assets and projects approaching the final investment decision.
“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 the Middle East, Iraq and Nigeria,” Abdat said.
He explained that the company is interested in assets that are already producing, close to production or at the stage before final investment decision, adding that it 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 barrels per day, and also help us provide more energy for our own consumption,” he added.
The development comes as Nigeria prepares for its 2026 licensing round, which the NUPRC said would provide another avenue for attracting capital into the upstream sector.
According to Eyesan, Nigeria is targeting crude oil production of 3 million barrels per day by 2030, up from the current production of about 1.6 to 1.7 million barrels per day.
“We have very aggressive targets: 3 million barrels per day by 2030, and today we are at 1.6- 1.7 mbpd. We are committed to the objective and the licensing round is one of the strategies we are utilising,” Eyesan mentioned.
The NUPRC boss said the commission had institutionalised licensing rounds under the Petroleum Industry Act 2021, making them a recurring feature rather than an occasional exercise.
The last commercial bid conference, held in July, had 50 assets on offer, with 37 awarded, according to the commission.
Eyesan also stated that Nigeria had reviewed its fiscal terms in response to competition for international investment capital, including reducing entry barriers such as signature bonuses.
Abdat said Pertamina’s interest in Nigeria was part of its strategy to secure additional energy resources outside Indonesia.
Pertamina currently produces about 600,000 barrels of oil per day in Indonesia, while the country is targeting production of 2.3 million bpd by 2030.
The Indonesian delegation also expressed interest in opportunities beyond crude oil and gas, including fertiliser production.
The two sides agreed to continue discussions on both the commercial and diplomatic fronts as Pertamina explores opportunities in Nigeria’s upstream petroleum sector.
