Nigeria is aggressively ramping up crude oil production to capture widening global supply gaps, with authorities targeting an immediate increase of 100,000 barrels per day (bpd) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reporting total liquid output at 1.66 million bpd — buoyed by high-performing offshore assets including Bonga, Erha, and Egina.
State-owned Nigerian National Petroleum Company (NNPC) Limited is scaling up allocations to major domestic facilities, including the Dangote Refinery, to fulfil shifting global market demands. Nigerian upstream operators are capitalising on record-high crude revenues to aggressively expand short-cycle exploration and extraction infrastructure in support of the federal government’s strategic target to significantly elevate national oil and condensate production over the next four years.
Nigerian energy giant Oando is rolling out a seven-well drilling campaign aimed at adding 10,000 bpd by year-end, while also seeking to raise up to $750 million to fund a 100-well onshore drilling programme that would triple its output from 32,000 to nearly 100,000 barrels of oil equivalent per day. Oando CEO Wale Tinubu said global supply shocks have created highly favourable conditions for securing financing and expanding operations to fill existing supply gaps.
Independent energy firm Heirs Energies has also secured a major facility from the African Export-Import Bank (Afreximbank) to refinance debt and accelerate field developments. Despite intermittent output spikes reaching approximately 1.8 million bpd, structural issues continue to create a gap between current capabilities and Nigeria’s ambitious two-million-bpd roadmap.
Source: Oilprice.com