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Nigeria Overview

Nigeria

in figures

Oil reserves37 billion barrels

Oil production2.11 million bopd

Gas reserves5.4 tcm

Gas production49.3 bcm

Nigeria: African Powerhouse

Nigeria has the largest economy in Africa, worth USD 402 billion. Although petroleum accounts for a modest 10% of the country’s GDP, it also represents 86% of export income and 50% of government revenue. Oil remains the backbone of the nation’s economy.

The government aims to increase crude reserves to 40 billion barrels, as well as to achieve a daily national production of 3 million bopd. Together with this push to increase oil production, the Ministry of Petroleum Resources, together with NNPC, has deepened its commitment to focus on Nigeria’s vast gas resources.

The year 2020 was crowned Nigeria’s “Year of Gas.” IOCs and local E&P firms have undertaken the exploitation of non-associated gasfields to maximise abundant gas reserves. Nigeria is a gas haven within Africa of immense untapped potential.

The continuation and strengthening of the country’s local content policies, led by the NCDMB, 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.

Yaro BALAMI Cakasa Nigeria
Interview
Nigeria - April 09, 2021

Yaro P. Balami, managing director and CEO of Cakasa (Nigeria) Company, talks to The Energy Year about how long-awaited projects…

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Nigeria revokes, re-awards Addax licences
NEWS
Nigeria - April 08, 2021

Nigeria has revoked four licences for producing assets held by Addax Petroleum, citing “non-development.”

The government said…

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Tecnimont wins $1.5-billion Nigeria refinery deal
NEWS
Nigeria - April 07, 2021

Maire Tecnimont has won a USD 1.5-billion contract to rehabilitate Nigeria’s Port Harcourt Refinery, the Italian EPC major…

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Usman Mohammed, CEO of New Energy Services Company NESSCO
Interview
Nigeria - March 25, 2021

Usman Mohammed, CEO of New Energy Services Company (NESSCO), talks to The Energy Year about why the company has strategically…

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Nigeria approves $1.5 billion for refinery upgrade
NEWS
Nigeria - March 17, 2021

Nigeria’s Port Harcourt Refinery will see a government investment of USD 1.5 billion for its rehabilitation, an official…

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Emmanuel EHIEMUA
Interview
Nigeria - March 09, 2021

Emmanuel Ehiemua, founder and managing director of Oracle Limited, talks to The Energy Year about why local players should…

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Nigeria Zircon Seyi AJIBOLA.
Interview
Nigeria - February 15, 2021

Seyi Ajibola, CEO of Zircon Marine, talks to The Energy Year about recent advances and setbacks in the marine sector and coming opportunities in natural gas transfer…

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