Indonesia’s state energy giant PT Pertamina has opened exploratory talks with Angola’s National Petroleum, Gas and Biofuels Agency, sending a senior delegation to Luanda to assess upstream investment opportunities — a move driven by projections that Indonesia’s domestic oil reserves could be exhausted by 2034 at current production rates.
The approach reflects a widening pattern of Asian national oil companies turning to Africa’s Atlantic producers to replace declining home output. Pertamina’s international upstream subsidiary, PT Pertamina Internasional EP, already holds a significant African footprint, with assets across Algeria, Gabon, Nigeria, Namibia, Tanzania, and Angola, and operations spanning 12 countries on four continents. The subsidiary holds a 72.65% stake in Paris-listed independent Maurel & Prom — which operates producing assets in Gabon and Tanzania — alongside a substantial stake in Nigerian independent SEPLAT and existing offshore positions in Angola. A Dubai representative office, opened in July 2024, is designed to accelerate deal flow across Africa, the Middle East, and Europe.
Angola’s investment appeal extends beyond simple acreage availability. Pertamina has previously identified Angolan crude grades as compatible with the configuration of its domestic refineries, giving Angolan barrels a direct supply-chain rationale rather than merely a portfolio diversification argument. Angola’s ongoing deepwater licensing process — targeting blocks in the offshore Kwanza and Benguela basins — is currently in the contract negotiation phase, with signings expected in the third quarter of 2026, alongside a separate permanent offer track running in parallel.
No block preferences, deal terms, or specific timelines were disclosed following the Luanda meeting. If Pertamina secures Angolan acreage, the move would reduce Indonesia’s dependence on a single regional supply base ahead of the critical mid-2030s deadline, while opening a channel to Indonesian refinery demand that Angola’s traditionally Atlantic-focused investor base has largely overlooked.
Source: Prospect Intelligence