Producers: 8 FPSOs Needed to Achieve Nigeria’s 3m Bpd Target by 2030
Peter Uzoho Nigeria will need to develop eight new Floating Production Storage and Offloading vessels (FPSOs) between now and 2030 to achieve the national aspiration of 3 million barrels per
The Executive Director of the Oil Producers Trade Section (OPTS), Mr. Gwueke Ajaifia, has stated that Nigeria will need to develop eight new Floating Production Storage and Offloading (FPSO) vessels between now and 2030 to achieve its target of 3 million barrels per day (bpd). Ajaifia made this revelation during the 25th anniversary of Tenaris in Nigeria and the completion of coating works for the Bonga North deepwater project.
Nigeria currently produces between 1.6 million and 1.7 million bpd, including condensates, which means production must almost double to meet the target. The recent incentives for deepwater projects by the Special Adviser on Oil and Gas to the President and the President himself have improved the investment outlook, and Ajaifia expressed hope that more Final Investment Decisions (FIDs) would be announced before the end of the year and in 2027.
The Bonga North project, promoted by Shell Nigeria Exploration and Production Company (SNEPCO) and its partners, is currently under development and is expected to contribute an additional 110,000 bpd to Nigeria's production when it is fully operational.
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