Nigeria Targets 2.7M Barrels Daily Oil Output by 2027
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TLDR
- Nigeria plans to increase daily oil and condensate production by 60% to 2.7 million barrels per day (bpd) by 2027
- The increase will come partly from condensate production, allowing Nigeria to remain within its OPEC+ crude quota of 1.5 million bpd
- Nigeria produced 1.67 million bpd in December 2024, up from 1.1 million bpd in 2022, as it seeks to increase revenue amid economic challenges
Nigeria plans to increase daily oil and condensate production by 60% to 2.7 million barrels per day (bpd) by 2027, according to Olu Verheijen, special adviser on energy to President Bola Tinubu.
The increase will come partly from condensate production, allowing Nigeria to remain within its OPEC+ crude quota of 1.5 million bpd while demonstrating the capacity for a higher allocation. The boost is driven by improved security around production and transportation sites.
Nigeria produced 1.67 million bpd in December 2024, up from 1.1 million bpd in 2022, as it seeks to increase revenue amid economic challenges. The country is also poised to become a net exporter of refined petroleum products, with the Dangote refinery scaling production and fuel subsidy removals attracting new refinery investments.
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Key Takeaways
Nigeria’s oil expansion plan reflects its strategy to stabilize fiscal revenue, improve security, and strengthen its refining capacity. The removal of fuel subsidies has made downstream investments commercially viable, attracting private sector interest in refinery projects. If successful, Nigeria could reduce fuel imports and strengthen its trade balance, positioning itself as a regional energy leader. With OPEC+ quotas limiting crude output, Nigeria’s focus on condensate production and refining could help it maximize revenue without breaching production limits.
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