The Nigeria Security and Civil Defence Corps (NSCDC) will deploy 500 drones and aircraft to monitor pipelines and other oil installations in a bid to protect 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
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 MORENigerian President Muhammadu Buhari has been advised by a committee overseeing the country’s government transition to end the country’s fuel subsidy and privatise…
READ MOREUS independent upstream operator Erin Energy announced today it has commenced production from the Oyo-7 well offshore Nigeria.
Erin Energy, the operator of the Oyo…
READ MOREOil spills, their causes, cleanup and methods of prevention are all issues that have been present in Nigeria for decades. While oil firms have settled in court over oil…
READ MOREItaly’s Saipem has won a contract for its Scarabeo 3 semi-submersible rig to work on Nigeria’s Yinka Folawigo Petroleum’s Aje shallow-water oilfield offshore…
READ MOREThe CEO of Lekoil, Olalekan Akinyanmi, speaks to TOGY about the role of investment and returns at a time when local companies are entering Nigeria’s exploration and…
READ MORENigeria’s main labour union is on strike after US oilfield services provider Halliburton sacked 46 of its local employees. The Lagos chairman of the National Union of…
READ MOREHigher electricity prices would stimulate gas production in Nigeria and reduce blackouts and the need for expensive generators according to comments Dada Thomas,…
READ MOREWale Tinubu, group CEO of Oando, speaks to TOGY about the advantages of diversification, the growth of the gas and power sectors, and policy and financial challenges…
READ MOREThe state-owned Nigerian National Petroleum Corporation is planning to resume oil exploration in the Chad Basin following Nigerian security forces’ advances against…
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