NUPRC and Pertamina Discuss Oil Investment Opportunities

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has initiated discussions with Indonesia regarding petroleum investments, particularly with Pertamina, Indonesia's national oil company, which is interested in Nigeria's upcoming licensing round. This meeting involved NUPRC Chief Executive Mrs. Oritsemeyiwa Eyesan, Indonesia’s Vice Minister of Foreign Affairs Arif Havas Oegroseno, and Toriq Abdat, Pertamina's Vice President for upstream business development.

Both countries aim to enhance energy security and increase production, with Nigeria targeting 3 million barrels per day by 2030, up from approximately 1.7 million currently, while Indonesia seeks to raise its output from 600,000 to 2.3 million barrels daily. Pertamina is looking for producing assets and projects close to production, considering both competitive bids and bilateral arrangements.

Eyesan emphasized Nigeria's commitment to its production targets and the institutionalization of licensing rounds under the Petroleum Industry Act 2021, which aims to attract investments by reducing entry barriers.