Nigeria Aims for 40,000 bpd Crude Oil Production Boost with New FPSO

• The project is expected to raise Nigeria’s output amidst ongoing challenges.
• Analysts urge the government to address oil theft, insecurity, and falling investments.

Lagos, Nigeria – Nigeria is targeting a 40,000 barrels per day (bpd) increase in crude oil production with the construction of a new Floating Production Storage and Offloading (FPSO) facility in Lagos. The FPSO is a joint venture between the Nigerian National Petroleum Company Limited (NNPCL), Century Nigeria Limited, West African Exploration and Production Company, and NNPC Energy Services Limited.