Nigeria Seeks to Boost Daily Oil Output to 2.7 Million Barrels by 2027
- Tinubu’s adviser says target is made up of condensate, crude
- Verheijen says subsidy removal makes refineries attractive
The Dangote Industries oil refinery in the Ibeju Lekki district of Lagos.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigeria, Africa’s biggest oil producer, has set itself a target of boosting daily production by about three fifths to 2.7 million barrels of crude and condensate by 2027, an adviser to the country’s president said.
The planned surge will partly come from oil condensate, a lighter more volatile hydrocarbon, rather than just crude, so that Nigeria can largely keep within its OPEC+ quota of 1.5 million barrels of crude, according to Olu Verheijen, special adviser on energy to President Bola Tinubu. Improvements in security around oil production and transportation sites is the main driver behind the rising production, she added.