Nigeria aims to boost oil production by 500000 bpd by 2020

That's an interesting goal! Nigeria has been working to increase its oil production capacity in recent years, and a target of 500,000 barrels per day (bpd) by 2020 is a significant ambition.

To put this into perspective, Nigeria's current oil production capacity is around 1.9 million bpd, so the goal is to increase production by about 26% over the next two years. This would require significant investments in infrastructure, technology, and human resources.

The Nigerian government has been implementing various initiatives to achieve this goal, including:

1. Increasing investment in the oil and gas sector: The government has been working to attract more foreign investment and improve the business environment to encourage more companies to invest in the sector.
2. Improving infrastructure: Nigeria has been upgrading its oil refineries, pipelines, and other infrastructure to increase efficiency and reduce downtime.
3. Enhancing oil exploration and production: The government has been encouraging more oil exploration and production in new fields and areas, as well as increasing production from existing fields.
4. Improving oil transportation: Nigeria has been working to improve its oil transportation infrastructure, including the construction of new pipelines and the upgrade of existing ones.

Achieving this goal will require careful planning, execution, and coordination among various stakeholders, including the government, oil companies, and other industry players. It will also require significant investment and resources.

It's worth noting that Nigeria's oil production has been affected by various challenges in recent years, including pipeline vandalism, theft, and sabotage, which have resulted in significant losses and disruptions to production. Addressing these challenges will be critical to achieving the goal of increasing oil production.

Overall, Nigeria's goal of increasing oil production by 500,000 bpd by 2020 is an ambitious one, and it will require significant effort and investment to achieve. However, if successful, it could have a positive impact on the country's economy and energy security.