Nigeria may fail to achieve its target of producing three million barrels of crude oil per day by 2030 unless it addresses major equipment shortages, funding constraints and gaps in technical expertise, the Petroleum Technology Association of Nigeria (PETAN) has warned.
PETAN Chairman, Wole Ogunsanya, said the country currently produces approximately 1.7 million barrels daily and needs an estimated $6 billion in oilfield equipment and hardware to support a significant increase in output.
Speaking at an industry briefing in Lagos, Ogunsanya identified inadequate drilling rigs, insufficient production equipment and limited pipeline infrastructure as major obstacles to expanding crude production.
He explained that indigenous oilfield service companies face difficulties obtaining financing for expensive equipment, with conventional bank loans often requiring substantial collateral. A land drilling rig can cost between $30 million and $40 million, while more specialised rigs can cost several hundred million dollars.
Ogunsanya called for improved financing arrangements and urged the Nigerian Content Development and Monitoring Board to direct more resources towards equipment acquisition by local service companies.
He also highlighted a shortage of experienced professionals, arguing that indigenous operators taking over assets previously managed by international oil companies must invest more in training young engineers and technical workers.
The warning comes as Nigeria seeks to increase crude production to support exports and expanding domestic refining capacity.
Achieving the target will require coordinated investment in equipment, pipelines, field development and workforce training. Without sustained investment and effective implementation, Nigeria could struggle to convert its oil resources into the production levels required to meet its long-term ambition.
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