Recent news on Nigeria’s oil sector is dominated by new deepwater contracts, efforts to boost production, the appointment of a new CEO at the state oil company, and ongoing struggles with transparency and security. Despite output increases, the country remains below its 2025 budget targets.
On September 1, 2025, Nigeria signed a significant Production Sharing Contract (PSC) with TotalEnergies and local firm Sapetro to develop two deepwater blocks in the Niger Delta. The deal, which includes a firm exploration well, is intended to expand reserves and boost production.
Output shows gains, but below target: Nigeria’s oil production increased to an average of 1.71 million barrels per day (bpd) in July 2025. While this represents a 9.9% year-on-year surge, it falls short of the 2025 federal budget target of 2.06 million bpd.
