How we plan to meet oil production target of 4 million bpd – Olu Verheijen  

Speaking in an exclusive interview with Arise News on Wednesday, Verheijen said the government is providing fiscal incentives and eliminating bureaucratic bottlenecks to return international oil companies and also encourage local companies as improved investment is crucial to achieving the target.

She explained that the President has taken a hands-on approach to attracting international oil companies (IOCs) and other investors back into Nigeria’s oil sector.

“The President took this with a super analytical mind. Very early, it became quite obvious that this sector was so strategic to our short-term and medium-long-term ambitions,” she said.   

She noted that President Tinubu has personally engaged with global oil executives multiple times, setting a “tone from the top” that has encouraged confidence in Nigeria’s commitment to reforming its investment climate.

“All of the IOCs, their international leadership—anytime they ask to meet him, he makes himself available. He takes it very seriously and he sits with them, tries to understand what those issues are,” she added.   

Tax incentives for IOC; Nigeria’s top three most fiscally attractive destinations for gas investment globally 

She said a key component of the administration’s strategy is the introduction of executive orders designed to improve the fiscal framework for deep offshore investments.

These include reducing project execution delays caused by regulatory complexities, enhancing cost competitiveness, and providing tax incentives for oil and gas projects.

She said these efforts have put Nigeria among the top three most fiscally attractive destinations for gas investment globally

“For the first time, you had deep offshore incentives for non-associated gas,” Verheijen noted, adding that these incentives were successfully implemented in Shell’s Bonga North project and would apply to other upcoming deepwater developments.   

“Within a few months of releasing those incentives in February 2024, Total and NNPC took an investment decision on a non-associated gas field worth $550 million,” she added 

She stressed that improved investment in Deepwater oil exploration is crucial to Nigeria’s ambition to boost oil production to 4 million bpd, “You have to do it with the deep water. There’s no other way around it,” she stated.

She said all relevant agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), the Ministry of Finance, and the Nigerian National Petroleum Company (NNPC) are on board to ensure the smooth execution of President Tinubu’s oil and gas policies.

Speaking further,  Verheijen listed recent gains of the administration in the oil and gas sector, saying oil output has increased by 500,000 bpd in less than two years.

According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), production in January 2025 stood at 1.73 million barrels per day, including condensates. This represents an increase of 500,000 barrels in less than two years.

According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), production in January 2025 stood at 1.73 million barrels per day, including condensates. This represents an increase of 500,000 barrels in less than two years.

“Let’s take a step back. When the president assumed office, we were at about 1.2 million barrels per day. By the end of last year, we averaged 1.5 million, and at some point, we hit a high of 1.8 million. 

The Energy adviser attributed this growth to a “data-driven approach” to tackling security challenges in the oil-producing Niger Delta region.

She highlighted collaborative efforts with the Office of the National Security Adviser, the Ministry of Defense, and oil operators to deploy targeted interventions where pipeline security is most vulnerable.

“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% when we assumed office. By the end of last year, it was close to 90%,” she said.