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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 production1.63 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

Shell enters Africa’s power generation game
NEWS
Nigeria - September 29, 2022

Daystar Power has been acquired by Shell, marking the US super-major’s first move into Africa’s power generation sector, the…

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Partners sign MoU for Nigeria-Morocco pipeline
NEWS
Nigeria - September 20, 2022

An MoU has been signed by the Economic Community of West African States and the governments of Nigeria and Morocco to build a…

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Innovations In Nigeria’s Upstream Sector TEY_post_Engr.-Gbenga-Komolafe
Interview
Nigeria - September 06, 2022

Gbenga Komolafe, commission chief executive of Nigerian Upstream Petroleum Regulatory Commission, talks to The Energy Year about…

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TEY_post_Mohammed-BELLO-KOKO
Interview
Nigeria - September 01, 2022

Mohammed Bello-Koko, managing director and CEO of the Nigerian Ports Authority (NPA), talks to The Energy Year about recent…

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Nigeria unveils new offshore oil and gas PSCs
NEWS
Nigeria - August 18, 2022

Nigeria has launched new terms and conditions for six offshore PSCs in a race to drive up production as the global energy…

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A Nigerian LPG player eyes the upstream Chibuike-ACHIGBU
Interview
Nigeria - August 18, 2022

Chibuike Achigbu, managing director of Chimons Gas, talks to The Energy Year about the company’s plans to become a fullstream…

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Security services to fit local dynamics Protector Ana CARVALHO
Interview
Angola - July 20, 2022

Ana Carvalho, president of the administrative council of Protector, talks to The Energy Year about the safety situation in Angola and the company’s competitive…

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