The Chairman of the Organisation of Petroleum Exporting Countries (OPEC) Board of Governors, Adewale Adeyemo-Bero, has explained why Nigeria’s crude oil production should not be below 2 million barrels per day (bpd).
Adeyemo-Bero based his argument on Nigeria’s reserves and resource base, which, according to him, has the capacity to produce 2.5 million, 3 million, or even 4 million barrels per day if properly explored and utilized by relevant stakeholders.
Speaking on Thursday at the Heirs Energies Leadership Forum 2025 in Abuja, which was attended by Naijaonpoint, Adeyemo-Bero shared his insights on Nigeria’s crude oil potential.
Responding to questions on how Nigeria can position itself within OPEC+ to secure the production quotas necessary for sustained industry growth, he emphasized that with Nigeria’s reserves and resource base, “we don’t have any business being below 2 million barrels per day.”
“Nigeria should be producing 2.5, 3, or even 4 million barrels per day with our resource base. And I’m talking about oil—we can do it,” he added.
“I think you can see that our subsurface—I don’t want to say it’s easy—but it’s one of the easier hydrocarbon basins in the world.
“And where else do you drill one well and go through stacks of reservoirs, where a single well can produce 5,000 to 10,000 barrels a day? Where else do you find that? We’ve been blessed with the subsurface,” he said.
He advised oil and gas stakeholders in Nigeria to brainstorm on how to meet the production target, recommending the expansion of crude oil production through even the smallest marginal fields and joint ventures.
On OPEC’s part, he assured that the organization would ensure a balance between supply and demand in the long term, emphasizing that oil and gas remain an international business.
The OPEC Board Chair’s recommendation aligns with advice given by Dr. Olusegun Omisakin, Director of Research and Chief Economist at the Nigeria Economic Summit Group (NESG).
However, experts warn that achieving this goal may be difficult if issues such as oil theft in the Niger Delta and low investment persist.
There are also litigations by host communities bordering on compensation following drilling activities by a number of oil and gas companies.