The Petroleum Technology Association of Nigeria (PETAN), along with other oil majors and service providers such as Shell, TotalEnergies, and ExxonMobil, have pledged their support for Nigeria’s oil production target.

They gave their support at the recently held event by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), titled “Project 1MMBOPD Additional Production Investment Forum” in London, a strategic event designed to attract investors and boost Nigeria’s oil production by an additional one million barrels per day (bpd).

According to a statement on Sunday, the forum gathered key industry players, investors, and regulators to discuss opportunities, address funding challenges, and foster collaboration to achieve the production target.

It added that the event was designed to create direct access for investors to decision-makers, showcase bankable projects, and facilitate partnerships built on transparency and efficiency.

According to the statement, NUPRC highlighted that ongoing reforms and interventions have already helped increase Nigeria’s crude oil production to around 1.7 million bpd from a low of 1.1 million bpd in 2022.

It stated that Nigerian legislators and government officials assured investors that the government has the political will to clear existing bottlenecks and that the Petroleum Industry Act (PIA) would not be arbitrarily tampered with, thereby providing a stable regulatory environment.