PETAN Warns Nigeria May Fall Short of Oil Production Goals

The Petroleum Technology Association of Nigeria (PETAN) has warned that Nigeria may miss its target of producing three million barrels of oil per day by 2030. Wole Ogunsanya, Chairman of PETAN, stated that the country requires approximately $6 billion in equipment and hardware to achieve this target.

He highlighted that Nigeria currently produces about 1.7 million barrels daily and that existing infrastructure is insufficient to support the planned increase. Ogunsanya pointed out that the expansion of the Dangote Petroleum Refinery and BUA Group's proposed 350,000-barrel-per-day refinery, along with the rehabilitation of the Nigerian National Petroleum Company Limited's refineries, could drive up crude oil demand.

He emphasized that Nigeria has never produced more than 2.6 million barrels per day, indicating significant infrastructure gaps. Ogunsanya noted the need for more wells, surface equipment, and midstream pipelines to meet the production capacity required for the country's long-term ambitions.