Nigeria eyes 4mbpd crude oil production in 2030 --[Reported by Umva mag]

The Special Adviser to Nigerian President on Energy and Head of the Energy Office of the Presidency, Olu Verheijen, says that Nigeria is aiming produce 4 million barrels per day (mbpd) of oil and 10 billion cubic feet of gas by 2030.

Verheijen said on her official X handle on Thursday that the goal was aimed at growing its oil and gas production,

She added that the drive is backed by new fiscal incentives aimed at boosting investment in the oil and gas sector.

President Bola Tinubu recently announced these incentives, which include a waiver on Value Added Tax for gas, diesel, and related equipment, along with tax credits for new investments in deepwater oil and gas production.

Verheijen stressed the need for these reforms, noting that “since Nigeria’s last deepwater project – the Egina project was approved in 2013, International Oil Companies operating in Nigeria have committed over $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.”

According to her, these reforms aim to create many new jobs, increase foreign exchange earnings, and improve tax revenues adding that with approximately 76 per cent of Nigeria’s gas resources still untapped, the government hopes to enhance energy security and stimulate economic growth.

GIK/APA

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