Producers: 8 FPSOs Needed to Achieve Nigeria’s 3m Bpd Target by 2030

Peter Uzoho

Nigeria will need to develop eight new Floating Production Storage and Offloading vessels (FPSOs) between now and 2030 to achieve the national aspiration of 3 million barrels per day target, the Executive Director of the Oil Producers Trade Section (OPTS), Mr. Gwueke Ajaifia, has said.

Ajaifia stated this in Port Harcourt, on the occasion of the 25th anniversary of Tenaris in Nigeria and the completion of coating works for the Bonga North deepwater project.

“There are going to be other projects. You know very well that the President has set the target of 3 million barrels per day in 2030. What does that mean? That means 8 FPSOs will be developed between now and 2030 in order for us to reach 3 million barrels per day”, he said.

Nigeria’s crude oil production hovers between 1.6 million and 1.7 million bpd including condensates.

He said that means production must almost double to meet the target, and that will require a massive wave of deepwater Final Investment Decisions (FIDs).

He noted that whether the industry can deliver eight FPSOs within the window remains a subject for conversation, but that the potential exists and the future is bright for service companies

He said recent incentives for deepwater projects by the Special Adviser on Oil and Gas to the President and the President himself have improved the investment outlook and expressed hope that more FIDs would be announced before the end of the year and in 2027.

He described Bonga North as a significant statement of confidence in Nigeria’s deepwater future and said it shows that with the right policy environment and dependable partners, investment will come.

Bonga North promoted by Shell Nigeria Exploration and Production Company (SNEPCO) and its partners is currently under development and is expected to contribute another 110,000 bpd to the country’s production when producing at peak.

Gwueke congratulated SNEPCO and its co-venturers and all engineers, technicians and workers on the $5 billion project.

He noted that during his time as asset manager for TotalEnergies, the industry worked for years for the Bonga North FID but was frustrated, and he is happy it is happening while he is still in the industry.

He said 25 years in the Nigerian oil and gas industry is remarkable and a testament to resilience, given price shocks, security challenges, regulatory transitions and global shifts in energy thinking, and that Tenaris staying invested and growing reflects clear belief in the country.

He said the inauguration of in-country pipeline coating and thermal insulation capacity speaks directly to what OPTS members have long championed, which is building real capacity, not portfolio companies, but truly empowering people and leaving structures that sustain industry development.

He explained that executing critical deepwater works in-country by Nigerians retains value, creates skilled jobs, develops suppliers and reduces project risk and cost, and represents local content as working reality rather than slogan.

He commended the Nigerian Content Development and Monitoring Board (NCDMB) for its steadfast advocacy and the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri for strong support to the industry.

He urged operators, service companies and government to sustain momentum by keeping the investment climate stable and predictable, strengthening collaboration across the value chain and continuing to invest in people.