Could Nigeria’s next oil licensing round attract more international energy investment?
Indonesia’s state-owned oil company, Pertamina, is exploring opportunities in Nigeria’s upstream sector.
Pertamina is considering producing assets and projects nearing final investment decisions. The company is also looking at opportunities that can deliver production quickly.
The development followed talks between the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Indonesia’s Ministry of Foreign Affairs and Pertamina executives.
Pertamina’s Vice-President of Upstream Business Development, Toriq Abdat, said the company wants to expand its international operations.
“We are working on exploration towards deepwater, but we found more gas than oil. That is why we go outside Indonesia, Malaysia, then the Middle East, Iraq and Nigeria,” Abdat said.
He said Pertamina wants producing assets and projects close to production.
NUPRC Chief Executive Oritsemeyiwa Eyesan said Nigeria wants to raise crude oil production to three million barrels per day by 2030.
Nigeria currently produces about 1.6 million to 1.7 million barrels per day, according to the NUPRC.
Eyesan said regular licensing rounds will help Nigeria attract fresh investment and increase production.
The latest licensing round drew about 300 companies. Of these, 196 companies qualified for the bidding stage.
NUPRC later announced 31 successful companies for 37 oil and gas blocks.
The available blocks span onshore, shallow-water and deep offshore areas. They also include frontier basins such as the Benue Trough, Chad Basin, Anambra Basin and Benin Basin.
Pertamina’s interest comes as Nigeria seeks to increase oil production and attract new capital into the upstream sector.
The industry continues to face challenges linked to ageing assets, underinvestment and crude oil theft.
For Nigeria, renewed interest from international energy companies could open new opportunities for investment, production and wider energy cooperation.
