Nigeria aims to achieve a daily oil production goal of 2.7 million barrels by 2027, according to Olu Verheijen, special adviser on energy to President Tinubu.
According to Olu Verheijen, the anticipated increase in oil production will be partially attributed to oil condensate—a lighter and more volatile hydrocarbon—rather than solely relying on crude oil. This approach will enable Nigeria to largely adhere to its OPEC+ quota of 1.5 million barrels of crude.
She also noted that improvements in security around oil production and transportation sites are a key factor contributing to the rising output.
In a recent interview at an energy conference in Dar es Salaam, Tanzania, she stated, “The OPEC quota does not include condensate. The target we’ve set for ourselves is a combination of condensate and crude.
“The idea is to try and demonstrate the capacity for a higher quota as required.”
“It’s an ambitious push, but it’s one to aim for. What that has done is allowed the downstream, mainstream downstream of that sector to now become commercially viable for the first time in decades. Investments in refineries now make sense when they didn’t before.”
