PERTAMINA SHOWS INTEREST IN NIGERIA’S 2026 OIL LICENSING ROUND

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Indonesia’s state-owned oil company, Pertamina, has expressed interest in Nigeria’s 2026 oil licensing round as it looks to expand its upstream operations outside Indonesia.

Pertamina’s Vice President for Upstream Business Development, Toriq Abdat, disclosed this during discussions with the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, and Indonesia’s Vice Minister of Foreign Affairs, Arif Havas Oegroseno.

Abdat said the company was considering opportunities in Nigeria, particularly producing assets, projects nearing production and developments approaching final investment decisions. He said the move was part of Pertamina’s international expansion strategy as it seeks additional energy resources.

Nigeria is targeting crude oil production of three million barrels per day by 2030, compared with current output of about 1.6 million to 1.7 million barrels per day, according to the NUPRC. Eyesan said the licensing round was one of the strategies being used to attract investment and increase production.

The NUPRC said licensing rounds have become a regular mechanism for providing investors with access to new oil and gas assets. The most recent commercial bid round offered 50 assets, with 37 eventually awarded.

Pertamina and Nigerian officials agreed to continue discussions on potential investment opportunities, including possibilities beyond crude oil and gas.