Indonesia Targets Nigeria’s 2026 Oil Bid Round for New Assets
According to a statement, the development followed a meeting between the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan; Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno; and Pertamina’s Vice President for Upstream Business Development, Toriq Abdat.
Eyesan said Nigeria and Indonesia shared similar priorities around energy security, efficient resource development and attracting investments into their petroleum sectors.
The talks come as both countries seek to increase oil production. Nigeria currently produces about 1.6 million to 1.7 million barrels per day and is targeting three million barrels per day by 2030, while Indonesia produces about 600,000 barrels daily and is seeking to raise output to 2.3 million barrels per day by 2030.
Abdat said Pertamina had been mandated to expand its upstream operations internationally as Indonesia seeks additional sources of oil and gas.
He said the company was already exploring opportunities in countries including Malaysia, Iraq and Nigeria, adding that Pertamina was interested in producing assets, projects close to production and developments approaching final investment decisions.
The Pertamina executive said the company was open to both competitive bidding and bilateral arrangements with governments.
He added that Pertamina was interested in opportunities that could help Nigeria achieve its 2030 production target while also increasing energy supplies for Indonesia.
Responding, Eyesan said Nigeria’s three-million-barrel-per-day target was ambitious but achievable, with the 2026 licensing round forming part of the strategies being deployed to increase production.
She said licensing rounds had become a regular feature of Nigeria’s upstream sector following the enactment of the Petroleum Industry Act (PIA) 2021.
According to Eyesan, the most recent commercial bid conference, held in July, featured 50 assets, with 37 subsequently awarded.
She said Nigeria had also reviewed its fiscal terms to improve the competitiveness of the country’s upstream sector and attract a larger share of global investment capital.
Eyesan added that entry barriers, including signature bonuses, had been reduced to encourage more investment.
The discussions also covered opportunities beyond crude oil and natural gas, with the Indonesian delegation highlighting its interest in fertiliser production and food security.
The delegation said Pertamina was developing a fertiliser plant to reduce Indonesia’s dependence on supplies from the Middle East amid disruptions in global markets.
Nigeria is also exploring new sources of phosphate, including a proposed long-term transatlantic pipeline project with Morocco to support fertiliser production in West Africa.
The two sides agreed to continue discussions through both commercial and diplomatic channels as they explore opportunities for cooperation in energy and related sectors.
