Nigeria Targets Three Million Barrels Per Day Oil Production by 2030

The Federal Government of Nigeria has set its sights on increasing crude oil production to three million barrels per day by 2030, and is calling on petroleum engineers and industry professionals to support this ambitious goal. The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, emphasized the need for strong technical capacity across the industry to achieve this target.

The government has already taken steps to expand oil production and develop infrastructure capable of handling additional crude volumes, including a recent bid round that saw 31 companies win 37 oil blocks. This development is expected to attract between $15 billion and $21 billion in investment and deliver peak production of approximately 175,000 barrels per day.

However, the government recognizes that increasing production will require more than just new oil blocks - operators must undertake exploration, appraisal, field development, drilling, and production activities before commercial output can begin. The government's approach combines new acreage, infrastructure development, investment mobilization, and human-capital development to achieve this goal.

The Nigerian Institution of Petroleum Engineers (NIPetE) has also been tasked with supporting the government's efforts, with its new leadership prioritizing rebuilding the institution, strengthening relationships with industry stakeholders, and establishing a stronger platform for professional development.