ABUJA, Aug 4 (AGCNewsNet) – The Nigerian government has unveiled a strategic plan to boost the nation’s crude oil output by an additional 810,000 barrels per day (bpd) through the development of deepwater oil fields, a move designed to reverse declining offshore production and tap into vast untapped reserves.

The initiative, spearheaded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), introduces a new cluster and nodal development model aimed at accelerating offshore oil exploration and production.

Speaking at a stakeholders’ workshop on deep/shallow water development in Abuja, NUPRC Chief Executive Gbenga Komolafe—represented by Executive Commissioner for Economic Regulation and Strategic Planning Babajide Fashina—stated that Nigeria’s offshore output had fallen from a peak of 800,000 bpd in 2016 to below 500,000 bpd in 2025.

“Our data shows that we have over 5.13 billion barrels of oil and 13.53 trillion cubic feet of gas still sitting untapped in our deepwater acreages. Of this, 3.59 billion barrels fall under 2P reserves—proven and probable but yet undeveloped,” he said.

Preliminary analysis of approved Field Development Plans (FDPs) suggests that current projects in view could unlock 1.55 billion barrels of oil and 1.49 trillion cubic feet of gas. If fully implemented, these could push Nigeria’s peak daily oil production up by 810,000 barrels.

To accelerate progress, NUPRC has set up a Shallow and Deepwater Cluster Development Committee, tasked with working alongside international oil companies and local producers to identify and fast-track viable projects.

“Our goal is not just more production, but more value,” Komolafe said. “Through this collaborative approach, we want to maximise returns from existing assets, ramp up volumes, and reduce unit technical costs.”

Despite the enormous potential, he noted that deepwater fields have been underutilised due to challenges such as funding shortfalls, infrastructure limitations, delayed approvals, and regulatory hurdles. He pointed out that eight Floating Production Storage and Offloading (FPSO) units in the country remain underused.

Deep offshore reserves currently represent 18 percent of Nigeria’s total oil and condensate base, with landmark fields such as Bonga, Agbami, Egina, and Erha already contributing significantly to national output.

“Today, we have cumulatively produced over 4.4 billion barrels from deepwater operations, thanks to operators like Shell, ExxonMobil, TotalEnergies, Agip, and Chevron,” Komolafe said. “But we must now move beyond the past and look toward unlocking future barrels.”

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