Nigeria Aims to Hit 2 Million Barrels of Oil Production by 2025

Strategic Insights -

Nigeria, currently producing about 1.745 million barrels of crude oil per day, is targeting a significant increase in oil production by the end of 2025. The country aims to reach an ambitious production target of two million barrels per day, with the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, urging the Nigerian National Petroleum Company Limited to achieve above two million barrels by 2025. The government acknowledges that reaching this target requires concerted efforts and investments, as well as deliberate policies and reforms to boost investors' confidence in Nigeria.

Key Takeaways:

  • Nigeria is currently producing 1.745 million barrels of crude oil per day, aiming to hit 2 million bpd by the end of 2025.
  • The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, urged the Nigerian National Petroleum Company Limited to change its target ambition to producing above two million barrels by 2025.
  • The country aims to achieve its ambitious production target through deliberate policies and reforms to boost investors' confidence in Nigeria.
  • Nigeria has proven gas reserves of over 200 trillion cubic feet, with the country focused on translating these resources into tangible socio-economic benefits through the "Decade of Gas" initiative.
  • The government also appeals to the National Assembly to reduce the number of summons of the IOCs and industry players for legislative hearings.

Statistics:

  • Nigeria aims to produce 2 million barrels of crude oil per day by the end of 2025, up from the current production of 1.745 million barrels per day.
  • The country has proven gas reserves of over 200 trillion cubic feet.
  • The government targets to achieve the following socio-economic benefits through the "Decade of Gas" initiative: driving industrialization, expanding power generation, increasing domestic Liquefied Petroleum Gas (LPG) usage, deepening gas-to-transport adoption, and growing gas export capacity.

Sources:

  • Nigeria Oil and Gas (NOG) Energy Week
  • Premium Times
  • News Agency of Nigeria (NAN)