Facing a growing shortfall in domestic petroleum output, Indonesia is turning to Nigeria for oil assets. Representatives from state-owned Pertamina and the Indonesian Foreign Ministry held discussions with the Nigerian Upstream Petroleum Regulatory Commission in September 2026 to secure production assets and boost bilateral energy ties.
Indonesia is actively seeking out petroleum assets in Nigeria as part of a broader push by Asian national oil companies to secure barrels outside their traditional supply zones, according to the Nigerian Upstream Petroleum Regulatory Commission. The regulatory body reported on Sunday, September 20, 2026, that it held formal discussions with a high-level Indonesian delegation.
Pertamina Targets Nigerian Production Assets and Licensing Rounds
The Indonesian delegation included Toriq Abdat, vice-president of upstream business development for the state-owned oil enterprise Pertamina, and Arif Havas Oegroseno, Indonesia’s vice-minister of foreign affairs. They met with Oritsemeyiwa Eyesan, head of the Nigerian Upstream Petroleum Regulatory Commission, to discuss direct access to the West African country’s upstream sector.
Pertamina currently produces approximately 600,000 barrels per day domestically, falling significantly short of Jakarta’s national production target of 2.3 million barrels per day by 2030. According to Abdat, Jakarta acknowledges that domestic fields alone cannot bridge this gap, prompting a specific mandate for international expansion.
Beyond its established operations in Malaysia and its majority stake in Algeria’s Menzel Lejmat Nord field operated by subsidiary Pertamina Algeria EP, the company has designated Nigeria as a priority destination. Abdat stated that Pertamina is specifically hunting for assets that are already in production or are nearing a final investment decision. The company is weighing both competitive bidding processes and direct bilateral arrangements with governments.
As part of this strategy, Pertamina signaled its interest in Nigeria’s upcoming 2026 licensing round, which Eyesan indicated to S&P Global in early September would launch by early October at the latest. The regulatory commission plans to put 13 unallocated blocks from the 2025 round back on the market, alongside fresh shallow- and deep-water assets.
Nigeria Pushes for 3 Million Barrels Per Day Through Foreign Capital
Abuja is actively courting foreign investment to lift national crude output from its current range of 1.6 to 1.7 million barrels per day up to 3 million barrels per day by 2030. To hit that target, Nigeria relies on annual petroleum licensing rounds mandated by the Petroleum Industry Act passed in 2021.
To sweeten the terms for foreign investors, the federal government relaxed its financial requirements in late January 2026. Under the revised terms, signature bonuses for entering Nigerian oil bids now range between $3 million and $7 million.
Indonesia’s maneuvers mirror recent diplomatic outreach from other Asian nations. On September 13, 2026, on the sidelines of the BRICS summit, Indian Prime Minister Narendra Modi pressed Lagos for increased exports of Nigerian crude, illustrating a broader Asian pivot toward Nigerian petroleum.
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