Key facts
- Nigeria aims to reach a crude oil production target of 3 million barrels per day by 2030.
- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) believes the target is achievable through regulatory reforms.
- June's average crude output was 1.56 million bpd, the highest since April 2020.
- Total crude and condensate production reached 1.735 million bpd.
- ExxonMobil and Renaissance Africa Energy have announced new drilling and discoveries.
Nigeria is targeting a record crude oil production of 3 million barrels per day by 2030, a significant increase from its current output, driven by regulatory reforms and new investments. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that initiatives like faster permitting and quicker crude sales approvals are improving conditions for upstream investment.
This ambitious goal follows a recent recovery in production, with average crude output reaching 1.56 million barrels per day in June, the highest since April 2020. Combined crude oil and condensate production also rose to 1.735 million barrels per day. Nigeria has now exceeded its OPEC+ crude production quota for two consecutive months, supported by improved security, fewer pipeline disruptions, and stronger operational performance.
New upstream investments are also contributing to this momentum. ExxonMobil announced plans to drill a new 40,000-barrel-per-day oilfield starting in August, and Renaissance Africa Energy reported a new oil discovery. Nigerian-owned producers now account for approximately 60% of the country's crude output, with higher oil prices encouraging operators to reactivate mature fields and restart idle wells.
Industry analysts, however, caution that achieving the 2030 target will require more than just reactivating existing fields. Sustained growth will depend on developing new discoveries, maintaining investment momentum, and continuing efforts to combat crude theft, according to Bloomberg.