– To boost nation’s oil output by 150,000bpd
Mkpoikana Udoma
Port Harcourt — Nigeria is positioning for a major crude oil production boost as two offshore oil projects valued at about $20 billion move closer to Final Investment Decisions, FIDs, with the potential to add 150,000 barrels per day to the country’s production capacity.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this after a meeting with the management of ENI, who visited to brief him on progress made on the Zabazaba and Bonga Southwest developments.
According to the Minister, the projects represent some of the most significant upstream investments currently being pursued in Nigeria and are expected to strengthen the country’s production base while generating substantial economic benefits.
“I met with the management team of ENI, who visited for a briefing on the progress of their ongoing projects, particularly the Zabazaba and Bonga Southwest developments, as they prepare for their Final Investment Decisions,” Lokpobiri tweeted on X.
He added that, “The projects, valued at about $20 billion, are expected to add 150,000 barrels per day to our current production capacity, significantly boosting Nigeria’s oil output.”
The Minister explained that discussions focused on the critical milestones required to achieve the FIDs and the opportunities for collaboration with both local and international partners to ensure successful project execution.
“The meeting focused on the key milestones required to achieve the FIDs and explored opportunities for collaboration with local and international partners to advance the projects and maximize their impact on Nigeria’s economy,” he stated.
The planned developments come as the Federal Government intensifies efforts to attract fresh investment into the upstream sector following a series of reforms aimed at improving the investment climate and increasing hydrocarbon production.
Lokpobiri reiterated the Federal Government’s commitment to supporting investors and ensuring that strategic projects are delivered without unnecessary delays.
“While reaffirming our commitment to providing all necessary support for the successful delivery of these projects, I urged ENI to fast-track the FID process so that Nigerians can begin to enjoy the economic benefits and opportunities arising from these strategic investments,” the Minister said.
The anticipated 150,000 barrels per day production increase would provide a significant boost to Nigeria’s crude output capacity at a time when the country is seeking to maximize revenue generation, strengthen foreign exchange earnings and consolidate its position within the global oil market.
