Indonesia’s Pertamina Eyes Angola Oil and Gas Investment as Domestic Reserves Near Decline
A senior delegation from Indonesia’s state-owned oil company, PT Pertamina, has met with Angola’s National Petroleum, Gas and Biofuels Agency (ANPG) in Luanda to explore potential upstream oil and gas investment opportunities in the country.
The discussions focused on possible entry into Angola’s exploration and production sector, as Pertamina seeks to secure new international reserves amid long-term concerns over declining domestic output.
Indonesia’s oil reserves are projected to face significant depletion by around 2034 at current production levels, increasing pressure on the company to diversify its upstream portfolio abroad.
Expanding African footprint
Pertamina has maintained a growing presence in Africa since 2013, with upstream interests in countries including Algeria, Gabon, Nigeria, Namibia, Tanzania, and Angola. The company now operates across 12 countries globally through its international upstream arm.
Its subsidiary, PT Pertamina Internasional EP (PIEP), opened a representative office in Dubai in 2024 to strengthen deal sourcing across the Middle East, Africa, and Europe. PIEP also holds a majority stake in Paris-listed Maurel & Prom, which operates
producing assets in Gabon and Tanzania and has additional investments in Nigeria and offshore Angola.
Angola’s oil sector is viewed as increasingly attractive due to its open acreage licensing rounds and established deepwater production base.
The country is currently advancing a licensing process targeting offshore blocks in the Kwanza and Benguela basins, with contract signing expected in 2026.
Angolan crude is also considered compatible with Pertamina’s refining system, making it a potential strategic supply source beyond portfolio diversification.
Broader investment framework
Pertamina’s operations are structured across five business segments, including upstream, downstream, gas, renewable energy, and maritime logistics, providing multiple entry points for potential cooperation.
While no specific acreage or investment terms were disclosed following the Luanda meeting, both sides are understood to have discussed broader opportunities for collaboration in exploration and production.
Strategic motivations
For Indonesia, securing upstream assets in Angola would help diversify supply sources as domestic reserves decline.
For Angola, attracting a major Asian national oil company could deepen investment ties with Asia and expand market access beyond traditional Atlantic-focused partners.
The engagement reflects a broader trend of Asian energy companies increasing investment activity in African oil-producing regions as they seek long-term supply security.
