ExxonMobil’s 2009 bid that secured it oil rights to some of Nigeria’s most prolific fields is under investigation, the Guardian newspaper reported on Friday.…
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.
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A Shell gas pipeline in Nigeria’s Imo state has been attacked, local media reported on Friday. The hit was carried out in the early hours on Thursday morning by a…
READ MORENigeria has suspended the flow of natural gas to Ghana over unpaid bills, local media reported on Wednesday, saying an amount of some USD 180 million was…
READ MOREThe Nigerian government has reached a one-month truce with Niger Delta militants, including the Niger Delta Avengers, an official from the Ministry of Petroleum…
READ MOREThe Niger Delta Avengers (NDA) claimed to have blown up a Nigeria National Petroleum Corporation pipeline in Akwa Ibom state early on Thursday. Yet to be confirmed, the…
READ MORECrude futures hit a three-week low on Wednesday, continuing a downward trend for the fifth day in a row. Analysts pointed to fears over the UK leaving the EU and…
READ MOREFollowing OPEC’s monthly report forecasting a continued easing of pressure on the global oil market on Monday, the International Energy Agency (IEA) report released…
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READ MOREThe government of Nigeria plans to lower its military presence in the Niger Delta region after attacks have continued to batter oil and gas infrastructure in the area,…
READ MORENigerian oil production, under continued threat from increased militant activity in the Niger Delta, has dropped by some 50% since the beginning of 2016, an official…
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