Maxwell Oko, Eraskorp Nigeria’s group CEO and executive vice-chairman, and Florence Okoli, its group managing director, talk to The Energy Year about Eraskorp’s…
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 MOREJames Edet, president of the Nigerian Association of Petroleum Explorationists (NAPE), talks to The Energy Year about changes the association hopes to see in the…
READ MOREOsayande Igiehon, managing director and CEO of Heirs Oil & Gas, talks to The Energy Year about OML 17, the importance of the company’s ESG plan and the impact of the…
READ MOREBashir Jamoh, director-general and CEO of the Nigerian Maritime Administration and Safety Agency (NIMASA), talks to The Energy Year about the agency’s role in…
READ MOREThe governments of five states have signed separate MoUs to support a USD 25-billion gas pipeline project between Nigeria and Morocco, Nigeria’s NNPC announced at the…
READ MOREGodwin Ebong, managing director of Gabson Engineering Services, talks to The Energy Year about the company’s work on Nigeria’s AKK pipeline, its key services and…
READ MORETola Talabi, CEO of Elektron Energy, talks to The Energy Year about the current state of the Nigerian energy sector and Elektron Energy’s current and future projects.…
READ MORETaofik Adegbite, CEO of Marine Platforms, talks to The Energy Year about the competitiveness of the Nigerian energy industry and the company’s value proposition and…
READ MORENNPC and its local partners have begun drilling operations at the giant Kolmani project in the north of Nigeria, the NOC announced on Tuesday.
The first phase of…
READ MOREAdemola Adeyemi-Bero, CEO and managing director of FIRST Exploration & Petroleum Development Company (FIRST E&P), talks to The Energy Year about the company’s recent…
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