Senate Chief Whip Olusola Adeyeye on Wednesday said he would bring a motion to the floor regarding President Muhammadu Buhari’s decision to unbundle the Nigeria…
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 MOREOffices and facilities of the Nigerian National Petroleum Corporation (NNPC) were shut down across the country by local oil workers angered by the decision to unbundle…
READ MORENigerian National Petroleum Corporation (NNPC) will undergo a long-overdue shake up next week, Minister of State for Petroleum Resources and NNPC group managing…
READ MOREColin Ferguson, general manager of DOF Subsea Angola, talks to TOGY about the impact of low oil prices and ways for the country to improve its hydrocarbons-related…
READ MOREShell Petroleum Development Company of Nigeria (SPDC) found itself in court on Wednesday over spill sites in the Niger Delta that claimants say are still…
READ MOREThe CEO of Shoreline Natural Resources, Ladi Bada, speaks to TOGY about costs incurred by security risks onshore and how the government and the private sector could…
READ MOREPatrick Nzekwe, managing director of Clarke Energy, talks to TOGY about the power deficit in Nigeria, what can be done to extend the power grid and the stopgaps that…
READ MOREEric Benjaminson, Horizon Client Access senior adviser and former US ambassador to Gabon (2010-2013), speaks to TOGY about the country’s evolving business environment…
READ MORENigeria is disorganised due to its reliance on the price of crude, President Muhammadu Buhari said while addressing members of the British parliament in Abuja…
READ MORENigeria plans to raise funds through new drilling contracts to repay its USD 4 billion of debt, Petroleum Resources Minister of State and managing director of state-run…
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