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Nigeria's oil and gas Industry

Nigeria

Nigeria's oil and gas industry in figures

Oil reserves36.9 billion barrels

Oil production1.8 million bopd

Gas reserves5.5 tcm

Gas production49.4 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

Angola’s production rise puts services in demand Operangola Martim CANTO MONIZ
Interview
Angola - May 19, 2022

Martim Canto Moniz, general director of OperAngola, talks to The Energy Year about key trends affecting the demand for…

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Building a gas supply value chain in Nigeria Epic Atlantic Aloy-DURU
Interview
Nigeria - May 18, 2022

Aloy Duru, chief executive of Epic Atlantic, talks to The Energy Year about Nigeria’s energy transition, challenges within the…

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Local solutions for Nigeria’s energy gap Niger Delta E&P NDEP Adegbite FALADE
Interview
Nigeria - May 13, 2022

Adegbite Falade, CEO of Niger Delta Exploration & Production (NDEP), talks to The Energy Year about the latest developments at…

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A sustainable structure in Nigeria YYCONNECT Akinyemi OKEREMI
Interview
Nigeria - May 12, 2022

Akinyemi Okeremi, CEO of YYConnect, talks to The Energy Year about the company’s activities in Nigeria, its success in…

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Energy, Ukraine and the Turkish question Mehmet Ogutcu
Interview
Multinational - May 06, 2022

Mehmet Öğütçü, CEO of Global Resources Partners and chairman of the London Energy Club, talks to The Energy Year about…

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A diversified and regional approach in West Africa C&I Leasing Nigeria Lenin UGOJI
Interview
Nigeria - May 02, 2022

Lenin Ugoji, CEO of C&I Leasing, talks to The Energy Year about the state of the Nigerian energy industry and C&I Leasing’s…

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AFC financing infrastructure in Africa Osam IYAHEN
Interview
Nigeria - April 26, 2022

Osam Iyahen, an investment professional at Africa Finance Corporation (AFC), talks to The Energy Year about the Dangote Refinery project, AFC’s ecosystem model and its…

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Interview
Nigeria - April 20, 2022

David Ige, CEO of GasInvest, talks to The Energy Year about the company’s Riverside LNG project, its plans to enter the marine sector and the LNG market penetration…

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Great ambitions in Angola Somoil Edson Rodrigues DOS SANTOS
Interview
Angola - April 13, 2022

Edson Rodrigues Dos Santos, CEO of Somoil, talks to The Energy Year about the outlook for Angola’s upstream sector, the company’s goal of operating deepwater assets…

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