Nigeria and Indonesia Join Forces on Oil Investments to Meet Ambitious Production Targets

Nigeria and Indonesia have opened talks on petroleum investments as both countries aim to increase oil production. Nigeria currently produces approximately 1.7 million barrels per day (bpd) and is targeting three million by 2030, while Indonesia produces roughly 600,000 bpd and seeks to hit 2.3 million by 2030.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been discussing investment opportunities with Indonesia's national oil company, Pertamina. The talks come as both countries work to expand their business internationally and increase production.

Pertamina's Vice President for upstream business development, Toriq Abdat, said the company is looking for producing assets or projects close to production, including opportunities available before a final investment decision. He noted that Indonesia is unable to meet its 2.3 million bpd target from domestic fields alone and requires international partnerships.

Nigeria's NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, said the country has aggressive targets for oil production and is utilizing licensing rounds as a strategy to achieve them. She noted that Nigeria has reset its fiscal terms in direct response to competition for capital and reduced entry barriers to incentivize investments.