Nigeria and Indonesia on Monday, September 21, began talks on cross-border investments to boost oil production, as both countries seek to unlock opportunities in their upstream oil sectors.
The discussions involved the commission chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, Indonesia’s vice minister of foreign affairs, Arif Havas Oegroseno and vice president in charge of upstream business development at Indonesia’s national oil company, Pertamina, Toriq Abdat.
The talks focused on possible partnerships, investments and bilateral arrangements between both countries’ oil sectors.
Pertamina has also expressed interest in Nigeria’s upcoming 2026 licensing round.
The discussions began as Nigeria and Indonesia seek to increase crude oil production.
Nigeria currently produces about 1.7 million barrels of oil per day and is targeting three million barrels per day by 2030, while Indonesia produces roughly 600,000 barrels daily and is targeting 2.3 million barrels per day by 2030.
Eyesan said both countries have similar priorities, including energy security, resource utilisation and attracting investments.
She said Nigeria had reset its fiscal terms in response to competition for the same pool of investment capital, adding that the country had reduced entry barriers, including signature bonuses, to encourage investments.
“We have very aggressive targets, 3.0 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 utilising,” Eyesan said.
She added that Nigeria’s licensing rounds had become a recurring exercise rather than an occasional event, following their institutionalisation under the Petroleum Industry Act 2021.
The last commercial bid conference, held in July, featured 50 assets, with 37 subsequently awarded.
Abdat said Pertamina was seeking producing assets or projects close to production, including opportunities available before a final investment decision (FID), and would consider both competitive bids and bilateral arrangements.
“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 said Indonesia wanted to participate in projects with governments, including producing assets, projects close to production and those awaiting final investment decisions.
“Now we are looking at how we can help you reach the 3 million, and also help us provide more energy for our own consumption,” he said.
The Indonesian delegation also indicated that it was exploring opportunities beyond crude oil and gas as part of its international energy expansion.
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