The federal government has said it is targeting about 4 million barrels per day oil production and 10bcf of gas output by 2030, especially given the recent offshore oil and gas incentives announced by President Bola Tinubu.
This was made known in a statement yesterday signed by the Special Adviser to the President on Energy and head of the Energy Office of the Presidency, Olu Verheijen, who also coordinates the rollout of the reforms.
“Since Nigeria’s last deepwater project – the Egina project – was approved in 2013, International Oil Companies operating in Nigeria have committed more than $82 billion in deepwater investments to other countries that they deem more competitive.
“Over the next few years, they plan to spend another $90 billion to develop deepwater oil and gas projects. This is the pool of funds that our reforms are targeting, and we intend to unlock between $5 billion to $10 billion of new investments in Nigeria in the near- to medium-term,” Verheijen said.
