Traders on Monday said Shell had been awarded a tender to ship 1 million bopd of the Nigerian crude grade Bonny Light to Argentina. The award comes at a time of fresh…
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 MORETOGY talks to Babatunde Fashola, Nigeria’s minister of power, works and housing, about the ministry’s strategy for increasing the country’s power generation…
READ MORENigerian National Petroleum Corporation (NNPC) group managing director Maikanti Kacalla Baru, appointed last week as replacement for Minister of State for Petroleum…
READ MOREPipeline repairs works on Nigeria’s Forcados feeder line to the export terminal are on track for completion by the end of this month, Minister of State for Petroleum…
READ MOREShell Petroleum Development Company of Nigeria has lifted the force majeure on exports of the Bonny Light crude grade. The measure, which took effect early on Thursday,…
READ MOREThe prospect of increased crude supplies from Libya and the partial recovery of oil production in Nigeria put pressure on crude futures on Tuesday, with September Brent…
READ MOREMinister of State for Petroleum Resources Emmanuel Ibe Kachikwu has been removed as Nigerian National Petroleum Corporation (NNPC) group managing director by President…
READ MOREA string of attacks on Sunday in Nigeria’s oil-producing regions, all of them claimed by the Niger Delta Avengers, have dimmed the prospects for a truce between the…
READ MOREClay Neff, then-chairman and managing director of Chevron companies in Nigeria, talks to TOGY about its 36-well drilling programme, as well as what the company has been…
READ MOREMinister of State for Petroleum Resources and Nigerian National Petroleum Corporation group managing director Emmanuel Ibe Kachikwu has reportedly signed oil and gas…
READ MOREWHOSE PLATFORM IS THIS?
ASK US
- Do you have a question for The Energy Year about oil and gas?
- If we know, we’ll tell you.
- If not, we’ll ask the experts in the field.