The Nigeria Security and Civil Defence Corps reported it had destroyed eight illegal refineries and seized 42 oil tankers used in smuggling black market oil to the…
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 MOREThe Nigerian National Petroleum Corporation (NNPC) has secured $1.2 billion in financing for the development of 36 new wells.
The state oil company of Africa’s…
READ MOREThe CEO of Nigerian company Ofserv, Dimeji Bassir, discusses how the mentality among large oil companies has created inefficiencies in onshore drilling and is stunting…
READ MORENigeria’s Otakikpo field on the southeastern Niger delta began production on Saturday, Nigerian exploration and production company Lekoil reported in a company press…
READ MOREHLS Asia managing director Rajeev Grover talks to TOGY about the latest developments affecting India’s local oilfield services sector and market opportunities. HLS…
READ MOREThe managing director of Energia, Felix Amieyeofori, speaks to TOGY about the next step for marginal field producers in Nigeria and incentives for stimulating the…
READ MOREShell announced on Tuesday that it has re-opened two key pipelines in Nigeria after spending a few days shuttered when the company declared force majeure on August…
READ MORENigeria’s state oil company, Nigerian National Petroleum Corporation, announced on Wednesday plans to use an “armada of approaches” to end oil theft, including drones…
READ MOREAs oil production dwindles, Equatorial Guinea’s gas resources are set to become the country’s primary source of income and development. Juan Antonio Ndong Ondo, the…
READ MOREA pipeline leak in Nigeria has caused Shell to declare force majeure on gas supplies, a company spokesperson said Thursday.
The oil major halted gas flow on the…
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