Oil Data is a Nigerian oilfield services company that specialises in enhanced oil recovery and data-driven solutions for oil production. The industry has witnessed a…
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 MORESpeaking at the Offshore West Africa 2015 conference on Wednesday, group managing director of the Nigerian National Petroleum Corporation Joseph Dawha said that…
READ MORENigeria National Petroleum Corporation (NNPC) announced Monday that the country aims to produce an additional 40,000 barrels of oil per day (bopd) by the end of 2015.…
READ MORETotal has concluded the flare-out of Ofon field on oil mining licence 102 in phase two of the Ofon project, media reported on Thursday. The previously flared gas from…
READ MOREThe executive director of Nigerian energy conglomerate Jagal Group, Manssour Jarmakani, speaks to TOGY about the strides being made in the oil and gas industry’s…
READ MOREThe most recent economic report from the Central Bank of Nigeria (CBN) has shown that oil revenues have fallen by N132.5 billion ($720 million) from N602.5 billion…
READ MORENigeria’s Minister of Petroleum Diezani Alison-Madueke has been appointed as the president of the Gas Exporting Countries Forum (GECF). The appointment comes as…
READ MOREBenjamin Dikki, the director of the Bureau of Public Enterprises (BPE), has announced that a three-tiered solution to the power problem in Nigeria through $113 billion…
READ MOREBaker Hughes managing director for Nigeria and Equatorial Guinea Ayo Shote discusses the impact of domestic operators on the industry and evolving business practices in…
READ MOREThe significant drop in Brent crude prices from around $115 per barrel in June to $68 per barrel earlier this week might have cost the Nigerian economy $11.5 billion…
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