Nigeria Sets Ambitious Oil Production Target

Nigeria has set its sights on increasing oil production to 500 million barrels within three years, following the recent licensing round conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The target is ambitious, but stakeholders believe it can be achieved provided there is continued protection of oil pipelines through Tantita Security Services Nigeria Ltd (TSSNL) operations and peace and stability in the Niger Delta.

NUPRC reported that 143 companies submitted 200 bids for 37 out of 50 blocks during the commercial bid phase, targeting 500 million barrels in new reserves and 300,000 barrels per day within three years.