Ajaifia: Nigeria Needs 8 FPSOs to Hit 3m Bpd by 2030

Gwueke Ajaifia, the Executive Director of the Oil Producers Trade Section (OPTS), stated that Nigeria must develop eight new Floating Production Storage and Offloading vessels (FPSOs) by 2030 to achieve its target of 3 million barrels per day. This announcement was made during the 25th anniversary of Tenaris in Nigeria, held in Port Harcourt.

Currently, Nigeria's crude oil production is between 1.6 million and 1.7 million barrels per day, indicating a need for nearly double the current output to meet the target. Ajaifia emphasized the necessity for substantial deepwater Final Investment Decisions (FIDs) and expressed optimism about recent incentives improving the investment outlook.

He highlighted the Bonga North project, promoted by Shell Nigeria Exploration and Production Company (SNEPCO), which is expected to add 110,000 barrels per day at peak production. Ajaifia praised the $5 billion project and noted the importance of local capacity building in the oil and gas industry.