Germany would like to accelerate its supply of Nigerian LNG, especially for its shipbuilding industry, a trade delegation told Minister of State for Petroleum Resources…
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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Nigerian Ambassador to Angola Otunba Folorunso Otukoya talks to TOGY about the potential for Angola’s oil and gas industry to grow by drawing on Nigeria’s…
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READ MOREOPEC member states Algeria, Ecuador, Iran, Iraq, Nigeria and Venezuela would consider attending an extraordinary OPEC meeting if it is called, Venezuelan Minister of…
READ MOREThe Nigeria National Petroleum Corporation (NNPC) said Wednesday it would begin direct crude sales to refineries from March onwards, replacing the crude oil swap…
READ MOREOn Sunday, Nigerian Minister of Finance Kemi Adeosun said the country had held preliminary talks with the World Bank on borrowing. The announcement comes in the wake of…
READ MOREThe price of Brent crude fell to USD 27.67 per barrel, the lowest trading price in more than a decade, before recovering at 28.86 on Sunday.
The most recent crude…
READ MOREA total of 68 major upstream projects were delayed in 2015 due to the low price of oil, according a report published by energy consultancy Wood Mackenzie on…
READ MOREMauro Bartezzati, managing director of Elper Oilfield Engineering, talks to TOGY about opportunities for engineering companies in the country’s economic climate and…
READ MOREDada Thomas, managing director of Frontier Oil, talks to TOGY about the obstacles of expanding the gas-to-power value chain and how the expansion could alleviate many…
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