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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

Ambitions in energy infrastructure development TEY_post_Akintoye_Akindele
Interview
Nigeria - February 07, 2023

Akintoye Akindele, managing director of Adamantine Energy, talks to The Energy Year about the latest on the company’s gas and…

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Improving energy infrastructure in Nigeria TEY_post_Festus_Olaoye
Interview
Nigeria - February 06, 2023

Festus Olaoye, CEO of Beam Energy, talks to The Energy Year about hurdles the Nigerian energy industry needs to overcome and…

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Improving Nigeria’s refining capabilities TEY_post_Ayodele_Oni
Interview
Nigeria - February 01, 2023

Ayodele Oni, a partner at Bloomfield LP, talks to The Energy Year about the way the firm is adapting its business strategies and…

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Changing the narrative around local companies TEY_post_Maxwell_Oko
Interview
Nigeria - January 27, 2023

Maxwell Oko, Eraskorp Nigeria’s group CEO and executive vice-chairman, and Florence Okoli, its group managing director, talk…

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Nigeria’s changing upstream sector James-EDET
Interview
Nigeria - December 16, 2022

James Edet, president of the Nigerian Association of Petroleum Explorationists (NAPE), talks to The Energy Year about changes…

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New frameworks within Nigeria’s oil and gas industry TEY_post_Osayande_Igiehon
Interview
Nigeria - December 15, 2022

Osayande Igiehon, managing director and CEO of Heirs Oil & Gas, talks to The Energy Year about OML 17, the importance of the…

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Bashir KAMOH NIMASA Nigeria
Interview
Nigeria - December 07, 2022

Bashir Jamoh, director-general and CEO of the Nigerian Maritime Administration and Safety Agency (NIMASA), talks to The Energy Year about the agency’s role in…

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Opportunities for local players in Nigeria TEY_post_Tola_Talabi
Interview
Nigeria - November 29, 2022

Tola Talabi, CEO of Elektron Energy, talks to The Energy Year about the current state of the Nigerian energy sector and Elektron Energy’s current and future projects.…

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