Nigeria Poised to Unleash 810,000 Barrels Daily from Deepwater Gold Mine
Nigeria is making a dramatic push to revitalize its struggling offshore oil sector with an ambitious roadmap that could add a staggering 810,000 barrels per day from deepwater fields. The Nigerian Upstream Petroleum Regulatory Commission revealed that the country’s deepwater production has plummeted from 800,000 bpd in 2016 to below 500,000 bpd today, leaving massive untapped reserves worth billions sitting idle on the ocean floor.
The game-changing cluster and nodal development initiative targets over 5.13 billion barrels of oil and 13.53 trillion cubic feet of gas currently lying dormant in deepwater acreages. Commission Chief Executive Gbenga Komolafe disclosed that 3.59 billion barrels fall under proven and probable reserves that remain undeveloped, representing a treasure trove of economic potential.
If fully implemented, the additional output could boost Nigeria’s total monthly crude production to 2.51 million barrels per day, including condensates, dramatically strengthening the country’s revenue generation and OPEC+ compliance. The initiative focuses on over 20 key deep-water assets including Owowo, Nsiko, Bolia, Aparo, Bonga South West, Doro, Sheki, and Akpo West.
Major projects like Bonga North have already taken Final Investment Decisions, with several others including Zaba Zaba, Eta, and NAE in the pipeline. The plan leverages existing infrastructure, including eight underutilized Floating Production Storage and Offloading units, to maximize returns while reducing technical costs.
Source: orientalnewsng.com
