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BUSINESS

TMSG hails Nigeria’s new oil production level, says 2.06M BPD target for 2025 realizable

November 23, 2024 • 2 min read

November 23, 2024

By Samuel Ogunsona

The Tinubu Media Support Group (TMSG) has expressed optimism that Nigeria can attain the 2m barrels per day (bpd) oil production level set for the 2025 budget.

This comes after the country recently scaled the 1.8m bpd milestone.

In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group described the recent increase in daily oil production numbers as a major fulfillment of President Bola Tinubu’s campaign promise.

According to the group, President Tinubu had pledged to increase national crude production to 2.6m barrels per day (bpd) by 2027, from the 1m bpd produced in October 2022.

The President had also emphasized his commitment to deterring crude oil theft and preventing vandalism of pipelines and infrastructure.

The Nigerian National Petroleum Company Limited (NNPCL) recently announced that the country’s daily crude production, including condensate, now stands at 1.8 million barrels per day, representing a 16.56% increase from the 1.54m bpd recorded in September 2024.

TMSG commended the board and management of NNPCL for driving President Tinubu’s mandate through the proper deployment of the Production War Room team, which was inaugurated in June 2024.

The group also noted that President Tinubu’s administration has introduced incentives to attract more investment to the oil and gas sector, including three Executive Orders aimed at unlocking fresh investments by streamlining contracting processes and procedures.

These reforms have led to significant investments in the industry, including a $550m investment by TotalEnergies in the Ubeta upstream gas project, which will deliver 350 million standard cubic feet of gas per day when operational.

ExxonMobil has also reaffirmed its readiness to invest $10bn in offshore oil operations in the country.