• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Sunday, June 22, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Nigeria eyes 4m per barrel daily oil production by 2030 following approval of Seplat, Mobil deal

Oil

The Matters Press by The Matters Press
October 25, 2024
Reading Time: 2 mins read
0
NUPRC defies Buhari, sale of ExxonMobil to Seplat on hold

The Tinubu Media Support Group (TMSG) has described the approval of the previously stalled Seplat/ExxonMobil divestment deal and other related agreements as clear proof of the Tinubu administration’s readiness to push Nigeria’s crude production capacity to an all-time high of 4 million barrels a day by 2030.

RELATED POSTS

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

ECOWAS, Sahel states in deal to confront terrorism

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG noted that the deal was in fulfillment of the President’s October 1 pledge to complete the process as soon as possible in order to boost the country’s oil production capacity in the short term.

The statement read in part, “Like many Nigerians, we are aware that on assuming office last year, President Bola Tinubu met on his desk a plethora of stalled deals in the oil industry, including a few encumbered by legal disputes, which have been having adverse effects on Nigeria’s ability to maximize its revenue potentials in the sector.

“For us, the one that caught the eye and attracted most attention nationwide was the $1.28m Mobil-Seplat divestment transaction especially as the Nigerian National Petroleum Company Limited (NNPCL) had stalled the deal since 2022..

“The approval which President Tinubu had pledged was in the works more than two years after the deal was announced in February 2022.

“We want to place it on record that while the dispute between NNPCL and Mobil raged, the country was missing out on about 480,000 barrels per day crude production from the lucrative off shore operations.

“But it took the express directive by President Tinubu to the minister of state for Petroleum Resources to resolve the divestment issues before NNPCL entered into a settlement agreement with Mobil in May this year.

“So when the President gave his words in his October 1 nationwide broadcast that the deal would be consummated within days, it was a statement of intent by an administration that is very keen on ramping up oil production.

“The approval which has now catapulted yet another Nigerian company into the league of big players in the oil sector is a testament to the changing face of the industry and has led to about 10% increase in the market value of Seplat Energy on the Nigerian Stock Exchange.

“This comes as more indigenous companies pick up onshore assets that oil majors are abandoning to enable them to focus on the more lucrative and safer deep off shore operations.

“Aside from Seplat Energy, Oando, Project Odinmin, and Telema Energies – all companies with substantial Nigerian interests scaled through the regulatory window on the watch of the President Tinubu administration.

“We dare say that the renewed interest across the value chain of the oil industry in Nigeria is as a result of the fiscal incentives introduced by the administration through five executive orders in its quest to meet its 4 million barrels per day target for crude production by the year 2030.

“We also know that the next one year is a critical phase in this quest which is why we hail the wisdom behind the launch of 1MMBOPD, an initiative meant to raise crude production by 1 million barrels per day in 12 months.

TMSG also urged all the players to play by the rule now that the Tinubu administration has set in motion policy reforms to enhance investment in the oil sector.

Tags: Oil
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Tinubu denies manipulating NASS
Economy/Technology

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

June 20, 2025
Buhari urges Nigerians to maintain peace as he promises free, fair polls
Economy/Technology

TDF extols Buhari for supporting Tinubu’s reforms

June 19, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
News

Tinubu’s mid-term scorecard, a glimpse of coming dividends – TMSG

June 19, 2025
Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF
Energy

Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF

June 16, 2025
Next Post
Tinubu tells the world: Africa Does Not Wish to Replace Old Shackles With New Ones

Guardian's big story, misleading, coup baiting in Nigeria - Think Tank

Covid-19 causes GDP’s contraction

CNG initiative will open another level of economic activities in Nigeria - TMV

Recommended Stories

Nigeria, WFP worry over food situation

Food prices continue to rise in November – NBS

December 26, 2022
Economic implications of Niger coup to Nigeria, ECOWAS

Aliero commends military for prompt response after Lakurawa terrorists kill 15 in Argungu

November 22, 2024
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

World Bank fights corruption, sanctions 35 firms, individuals

October 13, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years
  • ECOWAS, Sahel states in deal to confront terrorism
  • Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us