Nigeria and Indonesia discuss oil investments as Pertamina eyes 2026 licensing round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Indonesia have opened discussions on petroleum investments. During a meeting, Pertamina, Indonesia's national oil company, expressed interest in Nigeria's 2026 licensing round. Nigeria aims to increase oil production to 3 million barrels per day by 2030, while Indonesia targets 2.3 million. Pertamina is seeking producing assets or projects near production, including pre-FID opportunities. Nigeria has revised fiscal terms to attract investment, reducing entry barriers. Both sides agreed to continue commercial and diplomatic engagements on potential cooperation.