Indonesia Commits to Help Achieve Nigeria’s 3m Barrels Daily Oil Production Target

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has begun discussions with Indonesia on potential petroleum investments, as Pertamina, the Indonesian national oil company, expressed interest in helping Nigeria achieve its ambitious goal of producing three million barrels of oil per day by 2030. This development followed a recent meeting between NUPRC Chief Executive Mrs. Oritsemeyiwa Eyesan and Indonesia's Vice Minister of Foreign Affairs, Arif Havas Oegroseno, as well as Pertamina Vice President for upstream business development, Toriq Abdat.

Both countries share common priorities, such as energy security, resource utilization, and the attraction of investments. Nigeria currently produces around 1.7 million barrels per day and aims to reach three million by 2030, while Indonesia currently produces about 600,000 barrels per day and targets 2.3 million by the same year.

Abdat revealed that Pertamina is seeking opportunities in projects close to production, including those available before a final investment decision, and is open to both competitive bids and bilateral arrangements.

Eyesan emphasized Nigeria's aggressive targets and the significance of the upcoming licensing round as part of the strategy to achieve its objectives. The NUPRC chief also mentioned that licensing rounds in Nigeria have become a regular event under the Petroleum Industry Act (PIA) 2021, with the last commercial bid conference held in July 2026, offering 50 assets and awarding 37 licenses. In response, Eyesan highlighted Nigeria's commitment to the targets and the importance of the licensing round in attracting investments.

Furthermore, Indonesia is diversifying its energy portfolio beyond crude oil and gas, such as building a fertiliser plant to reduce its reliance on Middle Eastern supplies. The Indonesian delegation is also exploring opportunities outside of oil and gas, including the construction of a fertiliser plant. Meanwhile, Nigeria is working on diversifying its phosphate sourcing, including a long-term transatlantic pipeline project with Morocco to serve West Africa. Both sides have agreed to maintain parallel commercial and diplomatic tracks in their discussions.