Nigerian Oil Production Nears 1.8 Million Barrels Per Day
Nigeria's oil production is on the rise, nearing 1.8 million barrels per day as drilling rigs have increased to over 60, a significant improvement from the 14 active rigs in 2023.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, attributed this growth to improved security, regulatory certainty, and efforts to attract fresh capital into exploration and production. The government's reforms have created a more predictable operating environment, encouraging investment and improving the country's capacity to increase oil production.
The return of major investment decisions is also significant, with over $8 billion in major Final Investment Decisions (FIDs) recorded since President Bola Ahmed Tinubu assumed office. This includes projects such as the $5 billion Bonga North development and the $550 million Ubeta project.