Nigeria has launched a new grade of crude oil as it ramps up oil and gas production, Reuters reported on Wednesday.
The new Nembe grade has a low sulphur content…
READ MOREOil reserves36.9 billion barrels
Oil production1.63 million bopd
Gas reserves5.5 tcm
Gas production45.9 bcm
Nigeria’s oil and gas industry has come a long way since oil was discovered in the Niger Delta in 1956, with the nation now boasting the largest reserves in Africa. The hydrocarbons sector is the major breadwinner for the country in terms of foreign exchange earnings and represents around 80% of the nation’s budget revenues. The OPEC member has often held the position of top crude producer in Africa, although competing countries in the region have recently come neck-to-neck with the West African nation.
The oil and gas sector is dominated by NOC Nigerian National Petroleum Corporation, which regulates and participates in all areas of the industry’s value chain. While the country contains many hydrocarbons-rich basins, the majority of producing assets are crowded around the prolific Niger Delta basin in the south of the country.
The country’s regulatory issues and fiscal uncertainties have long been challenges for international investors looking to participate in the market and have led to significant delays or cancellations of prospective projects. The government has continuously reformed its policies to address these issues and open the market while successfully increasing safety of its assets.
Traditionally an oil producing country, Nigeria has struggled to transition towards gas and beyond fossil fuels as the global industry moves towards reducing carbon emissions and utilising more green energy sources. To address this, the government set up the Gas Master Plan in 2008 that has propelled the country to develop gas infrastructure, including gas processing plants, pipelines and gas-to-power and petrochemical facilities.
The country aims to set itself up both as a top producer and potential refining hub for the region through several large projects, including the 650,000-bopd Dangote Refinery. However, nearby countries have also made efforts to up their refining potential and could potentially take a large share of regional refining.
Up to 20% of Nigeria's crude will be traded on the Lagos commodities exchange under a new government plan.
READ MOREThe Africa Energy Bank, a fund created to address gaps in oil and gas project finance in Africa, is on track to begin operations…
READ MORENigerian companies will face penalties starting in 2028 if they fail to report eco-friendly and climate impact practices.
READ MORESavannah Energy has bought out the 49% of shares held by partners in Nigeria's Stubb Creek oil and gasfield for USD 61.5 million.
READ MORERefined oil products used in Nigeria are now limited to a maximum sulphur content of 200 ppm.
READ MOREAngola is modernising its logistics network in a move to diversify its economy and capitalise on its geographical location.
READ MORENigeria has launched a new grade of crude oil as it ramps up oil and gas production, Reuters reported on Wednesday.
The new Nembe grade has a low sulphur content…
READ MORENigeria’s NOC NNPC has signed an agreement with partnered oil majors to cut deadlines on contract negotiations from three years to six months, Reuters reported on…
READ MOREBW Offshore has sold the Nigeria-based Abo FPSO to Nigerian Transport Group for USD 20 million, the international FPSO owner and operator announced on Friday.
The…
READ MOREEni has signed an agreement with local energy player Oando for the sale of its Nigerian subsidiary focused on onshore upstream and power generation activities, the…
READ MORENigeria’s LNG facility on Bonny Island will continue its force majeure declared in October 2022 due to flooding disrupting supply, Reuters reported on Wednesday.
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NNPC has signed a heads of agreement for stake in Nigeria’s first FLNG project, the Nigerian NOC announced on Thursday.
The contract signed with oil and gas…
READ MORETotalEnergies has made an oil and gas discovery off the southeast coast of Nigeria, the French energy giant announced on Tuesday.
Located 60 kilometres off the…
READ MORENigeria’s government is considering a reduction of state participation in its oil and gas sector, Reuters reported on Sunday.
According to sources, President Bola…
READ MORENigeria has spudded the first well in a drilling campaign on the onshore Chad basin in Borno State, NOC NNPC announced on Tuesday.
The drilling campaign began with…
READ MORENigeria’s game-changing 650,000-bpd Dangote Refinery was inaugurated on Monday in a ceremony attended by President Muhammadu Buhari.
Located near Lagos in the Lekki…
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