Nigeria Targets Record 3 Million Bpd Oil Output 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. The goal is supported by regulatory reforms including faster permitting, tax incentives under President Bola Tinubu, and improved security. Average crude output reached 1.56 million bpd in June 2026, the highest since April 2020, and Nigeria has exceeded its OPEC+ quota for two consecutive months. New investments, such as ExxonMobil's planned 40,000 bpd oilfield and a discovery by Renaissance Africa Energy, are boosting momentum. However, analysts warn that restoring mature fields alone is insufficient and that sustained growth requires developing new discoveries, maintaining investment, and reducing crude theft.
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