Nigeria risks missing 2030 oil production target
By the AFREEQUE newsroom, based on Punch
Nigeria risks failing to reach its target of three million barrels of oil per day by 2030, according to Wole Ogunsanya, president of the Petroleum Technology Association of Nigeria. The country currently produces about 1.7 million barrels a day and would need six billion dollars' worth of equipment, Punch reports.
Nigeria could miss its target of producing three million barrels of oil per day in 2030 due to a lack of equipment, financing and experienced personnel. Wole Ogunsanya, president of the Petroleum Technology Association of Nigeria (PETAN), estimates that about six billion dollars' worth of equipment and materials are needed to reach this level, according to Punch.
Nigerian production currently stands at about 1.7 million barrels per day, while the country has never exceeded 2.6 million barrels a day. Well infrastructure, surface equipment and pipelines are among the main shortfalls identified by Wole Ogunsanya, who was speaking in Lagos on Monday at a briefing on the oil and gas industry, according to Punch.
Demand for crude is expected to rise with the planned expansion of the Dangote refinery, the BUA Group's 350,000-barrel-a-day refinery project and the rehabilitation of Nigerian National Petroleum Company Limited refineries. These projects could bring the country's potential refining capacity to about three million barrels per day, according to the PETAN president.
