Nigeria Aims to Nearly Double Oil Output to 3 Million Bpd by 2030
Nigeria's upstream regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced a target to increase crude oil production to 3 million barrels per day (bpd) by 2030, nearly doubling current output and reaching a historic high. NUPRC Chief Executive Oritsemeyiwa Eyesan expressed confidence in the goal, citing regulatory reforms under President Bola Tinubu, including faster permitting, tax incentives, and streamlined crude sales approvals, which are attracting investment. Recent production has recovered, averaging 1.56 million bpd in June 2024, the highest since April 2020, and exceeding OPEC+ quotas for two consecutive months. Improved security, fewer pipeline disruptions, and new upstream investments, such as ExxonMobil's planned 40,000-bpd oilfield drilling starting in August and Renaissance Africa Energy's new discovery, support the outlook. Nigerian-owned producers now account for about 60% of national output. However, analysts warn that restoring mature fields alone is insufficient; sustained growth requires developing new discoveries, maintaining investment, and reducing crude theft.
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