Adie 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…
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
Nigeria has opened a bid round covering 12 onshore and deepwater oil and gas blocks in its prolific Niger Delta Basin.
READ MOREUp 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 MORENigeria has chosen local energy entity Mainstream Energy Solution to operate the Zungeru hydro plant currently under development, the Bureau of Public Enterprises…
READ MOREChiamaka Maduabum, the chief commercial officer of Knots-Global Shipping Company, talks to The Energy Year about how the company remains competitive.
READ MOREAminu Umar, managing director of Sea Transport Group, talks to The Energy Year about the impact of Nigeria’s Decade of Gas on the marine sector, the company’s…
READ MOREUsman Mohammed, CEO of New Energy Services Company (NESSCO), talks to The Energy Year about the company’s joint venture with Technomak, its growth strategy and its…
READ MOREFelix Ekundayo, managing director of Asiko Energy, talks to The Energy Year about the company’s drive to push the usage of LPG in Nigeria and the essential policy…
READ MOREBen Okoye, group managing director of Brass Petrochemical Company (BPCL), talks to The Energy Year about the company’s methanol project and the goals and challenges…
READ MOREAkintoye Akindele, managing director of Adamantine Energy, talks to The Energy Year about the latest on the company’s gas and energy parks and its ambition of…
READ MOREFestus Olaoye, CEO of Beam Energy, talks to The Energy Year about hurdles the Nigerian energy industry needs to overcome and what the company is doing to boost energy…
READ MOREAyodele Oni, a partner at Bloomfield LP, talks to The Energy Year about the way the firm is adapting its business strategies and possible solutions to challenges within…
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