Nigeria's oil and gas Industry
Nigeria's oil and gas industry in figures
Oil reserves36.9 billion barrels
Oil production1.63 million bopd
Gas reserves5.5 tcm
Gas production45.9 bcm
Nigeria: African Powerhouse
Nigeria’s oil and gas industry accounts for 10% of the country’s GDP, which is the largest in Africa, worth USD 402 billion. Despite petroleum’s modest contribution to the country’s GDP, it 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.
Interviews, articles and news on Nigeria's energy industry
Osayande Igiehon, managing director and CEO of Heirs Oil & Gas, talks to The Energy Year about OML 17, the importance of the…READ MORE
Oil Mining and Prospecting Licences Nigeria 2021
Taofik Adegbite, CEO of Marine Platforms, talks to The Energy Year about the competitiveness of the Nigerian energy industry and the company’s value proposition and…READ MORE
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