The Escravos-Warri-Kaduna pipeline has been re-commissioned, feeding crude to both the Kaduna and Warri refineries, Minister of State for Petroleum Resources and…
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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Shell has contravened a court order in Nigeria by keeping its Gbaran Ubie facility open on Wednesday, ignoring a Monday ruling that had ordered the site be sealed for…
READ MOREAmy Jadesimi, the managing director of Lagos Deep Offshore Logistics Base (LADOL), talks to TOGY about the impact of the base’s expansion on the country’s economic…
READ MOREAngola’s <a href='https://theenergyyear.com/companies-institutions/sonangol/’>Sonangol declared three wells commercial on Tuesday after confirming the…
READ MOREGabriel Ogbechie, managing director and CEO of indigenous oil marketing company Rainoil, talks to TOGY about Nigeria’s ports and logistics infrastructure and what…
READ MORELocal media on Thursday reported steep increases in transportation fares and road charges across Nigeria amid a deepening fuel crisis that has gripped the…
READ MOREDutch anti-fraud investigators from the Fiscal Information and Investigation Service have recently visited Shell headquarters in The Hague to investigate a Nigerian oil…
READ MOREShell Petroleum Development Company of Nigeria (SPDC) increased gas production from the East Niger Delta’s Agbada field in an effort to boost the volume of gas…
READ MORENigeria National Petroleum Corporation has failed to pay the Nigerian government USD 16 billion worth in 2014 revenues, the country’s auditor general told the…
READ MOREThe Nigerian Senate will back the proposed restructuring of the Nigerian National Petroleum Corporation (NNPC), noting that the plan is within the original law…
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