Nigeria’s indigenous oil producers, under the Independent Petroleum Producers Group (IPPG), have unveiled plans to increase crude oil production by one million barrels per day (bpd) and gas output by one trillion cubic feet daily within the next five to ten years. This announcement was made by the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Wole Ogunsanya, during the Nigerian International Energy Summit (NIES) 2024 in Abuja.
To support this ambitious goal, PETAN members intend to invest approximately $450 million to enhance local content capacity, ensuring Nigerian companies are well-prepared for upcoming projects. Ogunsanya emphasized the importance of collaboration among industry stakeholders, including service providers, producers, regulators, and the government, to achieve these targets.
In addition to production goals, concerns were raised about the importation of 76,000 metric tons of threaded steel pipes in 2024, which were not processed locally, contravening industry regulations. This issue highlights the need for stricter adherence to local content policies to support domestic industries and workforce.
The Nigerian oil and gas sector is poised for significant growth, with plans to increase refining capacity to 1.2 million barrels per day through projects like the Nigerian National Petroleum Company Limited‘s 450,000 bpd refinery and the 650,000 bpd Dangote Refinery. These developments aim to meet local demand, reduce dependence on imports, and bolster the nation’s economy.
Achieving these ambitious production and refining goals will require concerted efforts from all stakeholders to ensure Nigeria’s energy future is both prosperous and sustainable.