Nigeria's new government, under the leadership of President Bola Tinubu, has set an ambitious target: doubling the nation's oil output to 2.1 million barrels per day (bpd) by December 2024. This claim follows the country's recent success in securing $13.5 billion in investment pledges from major oil companies for the upcoming year. According to an official statement, these companies have committed to a total investment of $55.2 billion by 2030, including the abovementioned amount for the next twelve months. Zawya reports that Nigeria's oil production was recorded at 1.18 million bpd in August 2023, as per the Organisation of Petroleum Exporting Countries (OPEC).
Despite being Africa's leading oil producer, Nigeria has grappled with challenges such as large-scale oil theft, costing the nation billions. Additionally, a decline in sectoral investment has restricted output. These challenges have significantly reduced oil exports, impacting foreign currency earnings in Africa's largest economy. With these new investment commitments, there's potential for President Tinubu's vision of elevating the country's oil production to 2.6 million bpd by 2027 to become a reality. Additionally, the proposed investments are expected to result in a 100% increase in gas production by 2027, exceeding Tinubu's campaign promise of a 20% rise.
Key meetings between Tinubu's energy adviser, Olu Verheijen, the Nigerian Upstream Petroleum Regulatory Commission, and fifteen international and local oil and gas firms, including Chevron, Total, and Shell, have played a pivotal role in securing these investments.
Despite being Africa's leading oil producer, Nigeria has grappled with challenges such as large-scale oil theft, costing the nation billions. Additionally, a decline in sectoral investment has restricted output. These challenges have significantly reduced oil exports, impacting foreign currency earnings in Africa's largest economy. With these new investment commitments, there's potential for President Tinubu's vision of elevating the country's oil production to 2.6 million bpd by 2027 to become a reality. Additionally, the proposed investments are expected to result in a 100% increase in gas production by 2027, exceeding Tinubu's campaign promise of a 20% rise.
Key meetings between Tinubu's energy adviser, Olu Verheijen, the Nigerian Upstream Petroleum Regulatory Commission, and fifteen international and local oil and gas firms, including Chevron, Total, and Shell, have played a pivotal role in securing these investments.
