Although one of the largest crude producers worldwide, Nigeria has struggled to develop its downstream sector. A lack of refining capacity and heavy subsidies on…
READ MORENigeria'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 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.
Interviews, articles and news on Nigeria's energy industry
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 MOREThe Dangote Refinery and petrochemicals plant project is one of the largest facilities of its kind worldwide.
READ MOREEyas Al Homouz, CEO of Petromal, talks to The Energy Year about the company’s growing footprint in EPC and how it is leveraging partnerships in this area, as well as…
READ MORERazzaq Abiodun, managing director of Lasaco Assurance, talks to The Energy Year about how recent policies will propel the Nigerian oil and gas sector to the next level…
READ MOREThe Nigeria Sovereign Investment Authority and Swiss-based commodity trading company Vitol have committed an initial USD 50 million towards carbon avoidance and removal…
READ MOREPaddy Padmanathan, president and CEO of ACWA Power, talks to The Energy Year about Saudi Arabia’s position in the global energy transition and the place renewables…
READ MOREAyo Olugbode, managing director of Admiralty Maritime Services (AMSL), talks to The Energy Year about the role the company plays in the energy sector and its strategy…
READ MOREFunmi Ogbue, managing director of Zigma, talks to The Energy Year about challenges the energy industry faces and the company’s plans to enter all areas of the oil and…
READ MOREOlumayowa Ogunnusi, CEO of Caracal Group, talks to The Energy Year about the group’s diversified approach to providing services, its strategy for expansion and the…
READ MOREAdie Bassey, managing director of Loyz Marine Services, talks to The Energy Year about the steps the government has taken to improve the business environment in…
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