Back toour markets

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.

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…

READ MORE
Nigeria launches new marginal field bid round
NEWS
Nigeria - June 02, 2020

Nigeria’s Department of Petroleum Resources (DPR) announced the launch of its first marginal field bid round in 18 years on June…

READ MORE
Interview
Nigeria - May 29, 2020

Hakeem Adedeji, CEO of Hydrocarbon Advisors, talks to The Energy Year about the sudden downturn in the country’s oil and gas…

READ MORE
Interview
Nigeria - May 27, 2020

Kayode Thomas, CEO of Bell Oil & Gas, talks to The Energy Year about opportunities for local companies in the aftermath of the…

READ MORE
Interview
Nigeria - May 20, 2020

Ese Avanoma, CEO of BRADE Group, talks to The Energy Year about how early digitalisation, innovation and diversification…

READ MORE
Interview
Nigeria - May 19, 2020

Timi Austen-Peters, chairman of Dorman Long Engineering, talks to The Energy Year about the status of the company’s…

READ MORE
Interview
Nigeria - May 18, 2020

Souheil Abboud, managing director of VFuels, talks to The Energy Year about why the company is bullish on the continuing competitiveness of its modular refinery…

READ MORE
Nigeria LNG signs Train 7 EPC deal
NEWS
Nigeria - May 14, 2020

Nigeria LNG took a major step forward by signing the EPC contract for its Train 7, with the country’s petroleum minister announcing the deal on Wednesday.

“The…

READ MORE
Interview
Nigeria - May 14, 2020

Mauro Bartezzati, managing director of Elper Oilfield Engineering, talks to The Energy Year about how changes in IOCs’ needs during the Covid-19 crisis are impacting…

READ MORE

 

WHOSE PLATFORM IS THIS?
ASK US

  • Do you have a question for TOGY about oil and gas?
  • If we know, we’ll tell you.
  • If not, we’ll ask the experts in the field.