Nigeria, Indonesia Join Forces on Oil Production Boost

Nigeria and Indonesia have begun talks on possible cross-border investments to boost oil production. According to a meeting between Nigerian Upstream Petroleum Regulatory Commission CEO Mrs. Oritsemeyiwa Eyesan, Indonesian Vice Minister of Foreign Affairs Arif Havas Oegroseno, and Pertamina's Vice President in charge of upstream business development Toriq Abdat, the two countries aim to increase oil production.

Nigeria currently produces approximately 1.7 million barrels of oil per day and is targeting 3 million by 2030. Indonesia also seeks to boost its production from roughly 600,000 barrels daily to 2.3 million by 2030. Both countries acknowledged that they cannot meet these targets alone.

Pertamina has expressed interest in Nigeria's upcoming 2026 licensing round. Eyesan stated that Nigeria's fiscal terms have been reset and entry barriers reduced to incentivize investments. Abdat noted that Pertamina is looking for producing assets or projects close to production, including opportunities available before a final investment decision.