Nigeria has filed cases against two international oil companies over undeclared cargoes, local media reported over the weekend. The federal government is claiming more…
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 MOREA string of attacks across Nigeria’s hydrocarbons-producing regions has reduced oil output by almost 18% in the second quarter of the year and has put further…
READ MOREThe ongoing attacks on oil and gas industry infrastructure in Nigeria’s oil-producing regions are putting the industry at risk of total collapse, a group of former…
READ MORETOGY talks to Olumide Adeleke, deputy director of the Nigerian Department of Petroleum Resources’ (DPR) engineering and standards divisions, about modular refinery…
READ MOREThe Niger Delta Avengers (NDA) have halted hostilities towards oil facilities in Nigeria, the group announced on their website yesterday.
The group’s announcement…
READ MORENigeria National Petroleum Corporation said on Wednesday that it recorded close to 1,500 acts of vandalism during the first five months of 2016, resulting in losses of…
READ MORETOGY talks to Antigha Ekaluo, the deputy director in charge of the gas monitoring and regulation division of the Department of Petroleum Resources (DPR) – the…
READ MOREThe Niger Delta Avengers (NDA) militant group shrugged off on Wednesday the proposal made by Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu last week…
READ MOREA leak on the Nembe Creek Trunk Line has forced Shell Petroleum Development Company of Nigeria to declare force majeure on Bonny Light exports on Friday.
According…
READ MORETOGY talks to Bank Anthony Okoroafor, the chairman of the Petroleum Technology Association of Nigeria (Petan), about strategies for contractors to survive the oil price…
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