The Federal Government has announced that Nigeria will make a total of $22.8 billion from about 1,068 oil and gas projects approved between 2022 and 2023.
Minister of State for Petroleum Resources (oil), Heineken Lokpobiri, said this on Wednesday at the ongoing Nigeria International Energy Summit (NIES) in Abuja.
Lokpobiri disclosed 51 Field Development Plans (FDPs) currently ongoing across the country will attract a total of $17.64bn in investment inflow.
He said the FDPs that were approved in the year 2022 – 2023 will also deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the next five years.
As part of the recent success story in Nigeria’s oil sector, Lokpobiri said it made a total of $2.5bn from investment in 175 well drillings in the year 2022 – 2023.
“A total of $2.68bn investment in 842 well workovers and other well intervention activities in the year 2022 – 2023 resulted in increased average oil production,” Lokpobiri said.
“275% in rig count from just eight in 2021 to an average of 30 in the past year. Early first oil was achieved in recently streamed fields through accelerated FDPs.”
The minister added that the actual national crude oil production in the country currently averages 1.33 million barrels per day and 256,000 barrels of condensate per day.
According to Lokpobiri, the national technical production potential currently stands at 2.26 million bpd.
He also revealed that the current Organization of Petroleum Exporting Countries (OPEC) quota is 1.5 million bpd.
