Nigeria Sees 500k Bpd Boost From Deepwater Projects, Targets Three Million Bpd By 2030

The Petroleum Technology Association of Nigeria (PETAN) has projected that major deepwater projects in Nigeria could lead to an additional 500,000 barrels per day (bpd) of crude oil production by the end of the year.

PETAN President Wole Ogunsanya made this prediction at the Energy Leaders’ Summit organised by The Energy Year in Lagos. He stated that the country's target is to reach three million bpd by 2030, up from the current 1.7-1.8 million bpd.

Ogunsaya identified ExxonMobil, TotalEnergies, and Chevron as major international oil companies expected to commence deepwater drilling before the end of the year. He predicted that these projects could deliver as much as half a million bpd within three to five years.

The PETAN president also faulted the award of some oil assets with significant production potential to operators who lack the technical capacity to maximise them. He called for regulators and the Nigerian National Petroleum Company Limited (NNPCL) to ensure that these assets are transferred to operators with the requisite technical and financial capacity.