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Nigeria Overview

Nigeria

in figures

Oil Reserves37.5 billion barrels

Oil Production1.99 million bopd

Gas Reserves5.2 tcm

Gas Production47.2 bcm

Nigeria: African Powerhouse

In 2018, the increase in oil prices helped the Nigerian economy sustain its growth, which saw its first full year of positive economic data since the country exited five consecutive quarters of recession in 2017. However, in spite of a legislative push to segment and pass the Petroleum Industry Bill, President Buhari rebuffed the version of the bill that had been passed by the National Assembly, raising doubts about the consistency and stability of the administration’s oil and gas industry reforms.

Despite the challenges, investment continues. The 250,000 bopd Dangote refinery is set to start operating in 2020, while the Egina project, bound to add 200,000 bopd to the country’s production figure, will begin producing between the last months of 2018 and the first ones of 2019. In July 2018, Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru announced its intention to increase crude oil reserves from 37 billion barrels to 40 billion barrels in 2020, as well as to achieve a daily national production of 3 million barrels of oil per day.

Together with a push to secure and increase crude oil production, the Ministry of Petroleum Resources, together with the NNPC, has deepened its commitment to focus on Nigeria’s vast gas resources through the signing of the landmark Seven Critical Gas Development Projects, which are expected to bring 96.3 mcm (3.4 bcf) per day of gas on line by 2020, and generate at least 15,000 MW of electricity by 2020. The continuation and strengthening of the country’s local content policies, in addition to the strategic downstream development Nigeria is starting to witness, all play a major role in TOGY’s coverage of this exciting market.

Yemi GBADAMOSI
Interview
Nigeria - July 31, 2020

Yemi Gbadamosi, CEO of TAG Energy, talks to The Energy Year about expected trends in activity, the need for continued production…

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Femi Abegunde Deloitte
Interview
Nigeria - July 30, 2020

Femi Abegunde, deputy chairman of Deloitte in Africa and head of energy and resources for Deloitte in West Africa, talks to The…

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Dimeji BASSIR
Interview
Nigeria - July 21, 2020

Dimeji Bassir, CEO of Ofserv, talks to The Energy Year about the importance of stakeholders sharing a vision for cost-cutting…

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Kolapo Sodeinde Aerial Robotix
Interview
Nigeria - July 14, 2020

Kolapo Sodeinde, managing director of Aerial Robotix, and Tudor Moss, the company’s CTO, talk to The Energy Year about the…

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Interview
Nigeria - June 15, 2020

Engr. Sarki Auwalu, director and CEO of Nigeria’s Department of Petroleum Resources (DPR), talks to The Energy Year about how…

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Ado Oseragbaje the sub-Saharan Africa vice-president of Baker Hughes
Interview
Nigeria - June 12, 2020

Ado Oseragbaje, vice-president for sub-Saharan Africa at Baker Hughes, and Francis Oganya, the company’s country director for…

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Interview
Nigeria - June 12, 2020

Seni Edu, CEO of Eko Support Services, talks to The Energy Year about the pandemic’s impact on Nigeria’s logistics sector and how the company is adjusting its…

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Interview
Nigeria - June 09, 2020

Engr. Simbi Wabote, executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), talks to The Energy Year about the Nigerian oil and gas…

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Interview
Nigeria - June 03, 2020

The Energy Year talks to Chief Timipre Marlin Sylva, Nigeria’s minister of state for petroleum resources, about the progress that the country’s oil and gas industry…

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