FG Aims for 3MBPD Oil Output with Tantita and Fresh Investments

The government is also working to boost gas output to 12 billion cubic feet per day by 2030, as part of its broader energy strategy.

Success in meeting these targets hinges on the industry's capacity to secure new capital, expand production, enhance efficiency, and ensure security in oil-producing regions and transport routes.

The commission has scheduled its 2026 licensing round, which will offer 40 oil and gas blocks across various terrains, including onshore, shallow-water, and deepwater areas.

Nigeria's crude oil output reached a peak of approximately 2.5 million barrels per day in November 2005, but production has not regained that level despite recent efforts to improve the business environment and attract investment.