Indigenous Nigerian Oil Companies Drive Production Surge Toward Million-Barrel Target
Local oil producers in Nigeria have significantly increased their contribution to national production, now accounting for over 50% of the country’s crude oil output compared to approximately 40% before international majors began divesting onshore operations. The Nigerian Upstream Petroleum Regulatory Commission data shows indigenous firms are key to achieving the government’s additional one million barrels daily production target by next year.
Recent milestones include Green Energy International’s launch of Nigeria’s first fully indigenous onshore crude export terminal at Otakikpo, with 360,000 barrels-per-day capacity. The facility is expected to unlock stranded reserves across 40 marginal fields in the Niger Delta region.
Seplat Energy, finalizing ExxonMobil’s shallow-water asset acquisition, plans to reopen over 400 shut-in wells with $320 million investment targeting 140,000 barrels daily production. Renaissance Africa Energy has committed $15 billion over five years to scale crude production and double gas output following major infrastructure completion.
Source: orientalnewsng.com
