Nigeria aims for 2.1 M bpd oil output by December 2024

Nigeria anticipates increasing its oil production to 2.1 million barrels per day (bpd) by the conclusion of the next year, following commitments of $13.5 billion in short-term investments from oil companies operating in the country, as announced by the presidency on Saturday.

Nigeria holds the title of Africa’s largest oil producer; however, its oil production has been on the decline due to extensive crude theft, pipeline attacks in the Niger Delta region and a lack of investment, resulting in diminished government revenues and substantial fiscal deficits.

Oil production reached 1.41 million barrels per day (bpd) in August, marking an 8% increase from July, as indicated by data from the petroleum regulator.

President Bola Tinubu’s special adviser on energy, Olu Verheijen, along with the petroleum regulator, conducted a series of meetings involving 15 oil firms, which included Total, Chevron, Shell, and ExxonMobil.

The companies had identified certain investment obstacles, which the government intends to address; however, specific details were not provided, as stated by the presidency.

“With the conclusion of these consultations, it is anticipated that the USD 13.5 billion in short-term investment components, currently in the pipeline, will pave the way for the delivery of 2.1 million barrels per day production by December 2024, barring any unforeseen challenges,” the statement said.

ExxonMobil has made a commitment to increase oil production by approximately 40,000 barrels per day in Nigeria, as reported by a senior Exxon executive, according to a presidential spokesperson on Tuesday.

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