Nigeria's Oil Production Nears 1.8m Barrels per Day as Drilling Rigs Surge

Nigeria's oil production is nearing 1.8 million barrels per day as drilling rigs have increased from about 14 in 2023 to over 60, according to Minister of State for Petroleum Resources Senator Heineken Lokpobiri.

The sector has recorded a significant improvement since President Bola Ahmed Tinubu's administration took office, with more than $8 billion in major Final Investment Decisions (FIDs) secured. The projects include the $5 billion Bonga North development and the $2 billion Shell HI project, among others.

Lokpobiri attributed the improvement to a combination of measures, including improved security, greater regulatory certainty, resolution of long-standing industry challenges, and efforts to attract fresh capital into exploration and production.