Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has launched a cluster and nodal development initiative to boost crude oil production by an additional 810,000 barrels per day from deepwater fields.
This move aims to reverse the decline in offshore output, which dropped from 800,000 barrels per day in 2016 to below 500,000. The initiative targets over 5.13 billion barrels of untapped oil and 13.53 trillion cubic feet of gas, with 3.59 billion barrels in proven and probable reserves. If successful, it could increase Nigeria’s total monthly production by 2.51 million barrels per day, enhancing revenue and OPEC+ quota compliance.
The plan involves executing approved Field Development Plans (FDPs), with projects like Bonga North already underway.
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