African Energy Conglomerate Eyes 350,000 Bpd in Oil Output

Core Viewpoint - Sahara Group aims to produce 350,000 barrels of crude oil daily in Africa by 2030, focusing primarily on Nigeria for this growth [1][3]. Group 1: Production Plans - The production increase will be supported by a significant upgrade in exploration and production services, enhanced execution capacity, and the acquisition of seven new drilling rigs [2]. - Two of the seven rigs have already been deployed, one at a gas field and another at an oil field in West Africa [4]. Group 2: Market Context - The Nigerian government has set a target to increase crude oil production to 2.5 million barrels per day from a current rate of less than 2 million barrels daily [5]. - The removal of OPEC+ output cuts has alleviated some constraints on production growth, although challenges such as oil theft and pipeline vandalism persist in Nigeria's oil and gas industry [5]. Group 3: Competitive Landscape - Other major companies, including Exxon, TotalEnergies, and Shell, are also planning to increase their production in Nigeria, indicating a competitive environment for oil production in the region [6].