FG eyes 4 million bpd by 2030 with fresh deepwater incentives

The federal government is ramping up efforts to boost oil production to 4 million barrels per day by 2030, using fiscal incentives and streamlined regulations designed to attract international and local investors.

Olu Verheijen, special adviser to President Bola Tinubu on Energy, revealed this in an exclusive interview with Arise News on Wednesday, outlining the administration’s strategy to revitalise the oil sector and drive economic growth.

She explained that the President has taken a hands-on approach to reintegrating international oil companies (IOCs), personally engaging with global oil executives to rebuild confidence in Nigeria’s investment climate.t took this with a super analytical mind.

Verheijen highlighted that tax incentives for IOCs and deep offshore investments have positioned Nigeria among the top three most fiscally attractive destinations for gas investment globally.

Read also: Nigeria’s oil production now 1.75mbpd, as NUPRC targets additional 1mbpd by 2026

She cited Total and NNPC’s $550 million investment decision in a non-associated gas field just months after these incentives were introduced in February 2024.

“For the first time, you had deep offshore incentives for non-associated gas,” she noted, adding that improved investment in Deepwater exploration is crucial to achieving Nigeria’s oil production goals.

According to Verheijen, oil output has already increased by 500,000 bpd in less than two years, reaching 1.73 million barrels per day, including condensates, as of January 2025. She credited this growth to a “data-driven approach” to addressing security challenges in the Niger Delta, with targeted interventions to protect critical pipelines.

“One of the things we saw was that the terminal factor for the Trans-Niger pipeline, a major trunk line in the eastern part, was about 10