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Nigeria to Boost Oil Output to 2.1mbpd by End-2024

OIL

Nigeria is expecting to raise its oil production to 2.1mbpd by the end of next year, up by around 49% from August levels this year, as oil companies in the region committed to investments according to the President.

  • President Bola Tinubu’s special adviser on energy, Olu Verheijen, and the petroleum regulator held a series of meetings with 15 oil firms, including Total, Chevron, Shell and ExxonMobil to discuss how they could ramp up production, the presidency said in a statement.
  • “With the conclusion of these consultations, it is anticipated that the USD 13.5bn in short-term investment components, currently in the pipeline, will pave the way for the delivery of 2.1mbpd production by December 2024, barring any unforeseen challenges,” the statement said.
  • Oil production in August stood at 1.41mbpd, up from 8% in July, data from the petroleum regulator showed.
  • Nigeria’s output has been in decline due to pipeline theft, attacks on pipelines and lack of investment.

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