Pertamina Eyes Nigeria's Oil Sector as Both Countries Seek Increased Output

Nigeria's upstream oil and gas sector is attracting international investment as Indonesia's state-owned oil company, Pertamina, considers opportunities in the country. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened discussions with Indonesia on petroleum investments.

Pertamina's Vice-President, Upstream Business Development, Toriq Abdat, said the company is looking for assets that can deliver production relatively quickly, including existing producing fields and projects close to production. He mentioned Nigeria as one of the countries being considered for investment, alongside Malaysia, the Middle East, Iraq, and others.

Nigeria is targeting three million barrels per day by 2030, compared with its current output of about 1.6-1.7 million barrels per day. The country's ambitious production target has led to increased interest in its upstream oil and gas sector, with the NUPRC positioning licensing rounds as a regular source of new acreage for investors.