As many as 100 people are feared dead according to Daily Mail reports following a fire that blazed through an industrial gas plant in southeastern Nigeria on December…
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 MOREBrent crude fell to an 11-year low on Monday on concerns of a continued rise in world oil supply.
No output cap from OPEC and the lifting of sanctions on Iran in…
READ MORELondon-headquartered Lekoil is buying independent oil company Afren’s 22.8-percent stake in the OPL 310 asset in Nigeria for $13 million.
The field houses the…
READ MORENigerian company Oando plans to build a gas processing plant with an investment of between $300 million and $350 million, the company’s head of gas and power said on…
READ MOREA senior Moody’s analyst told Reuters that Nigeria could lose around 15 percent of its oil output by 2017. The country currently produces 2.1 million barrels of oil…
READ MOREStatoil could lose 5.17 percent of its equity interest in the Agbami field offshore Nigeria after an arbitration tribunal in the country failed to overturn a prior…
READ MOREUK independent Sirius Petroleum’s local partner has received government approval for the drilling of an appraisal well in the shallow-water Ororo field offshore…
READ MOREA spokesman for Muhammadu Buhari has confirmed that the Nigerian president will not take the top post at the country’s oil ministry, as was previously planned.
The…
READ MOREThe Shell Nigeria Exploration and Production Company has started production at the Bongo Phase 2 project in Nigeria, the super-major announced Monday.
The Bonga…
READ MOREThe offshore Erha North Phase 2 in Nigeria has started production ahead of schedule and $400 million under budget, operator ExxonMobil has announced via press release.…
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