Nigeria Targets Massive Oil Production Surge to 2.4 Million Barrels Daily
Nigeria is making bold moves to dramatically increase its crude oil production capacity, targeting a massive jump to 2.4 million barrels per day while negotiating with OPEC for a production quota increase to 2 million bpd by 2027.
The West African oil giant, currently producing around 1.4 million bpd, has been operating below its OPEC quota for years due to oil theft and pipeline vandalism. However, recent government crackdowns on oil theft and supportive policies are creating momentum for a production renaissance.
Bashir Ojulari, CEO of the Nigerian National Petroleum Company Limited (NNPCL), confirmed the ambitious target includes 1.7 million bpd of crude oil and 300,000 bpd of condensate output. This represents a significant increase from Nigeria’s current OPEC+ quota of 1.5 million bpd.
Major international oil companies are responding positively to the improved security situation. ExxonMobil has committed up to $1.5 billion for deepwater exploration and development offshore Nigeria, while Shell and TotalEnergies are planning production increases over the next two years.
Shell’s Bonga North deepwater field and TotalEnergies’ Ubeta gas field are both expected to begin production by 2027, adding crucial capacity to Nigeria’s oil and gas output.
Source: orientalnewsng.com
