West African Ventures, a subsidiary of the international Sea Trucks Group, announced on Friday it would begin installation of a 60-kilometre offshore pipeline in…
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 MOREThe Nigerian Parliament issued a non-binding fine of $3.96 billion to Shell on Wednesday for an oil spill in the offshore Bonga oilfield that occurred in December…
READ MOREA 30-percent interest in Oil Mining Licence 24, which encompasses the Awoba, Awoba Northwest and Ekulama fields, was assigned to local company Newcross Exploration and…
READ MOREIn the second quarter of 2014, Aker Solutions Congo, the local subsidiary of the Norwegian oilfield services company, started the delivery of 28 newly developed…
READ MOREMansfield Energy managing director, Dapo Oshinusi, talks to TOGY about the importance of integrated services in the oilfield services segment, the growth of domestic…
READ MOREThe Shell Nigeria Exploration and Production Company has announced plans to enter phase three of its project on Bonga deepwater oilfield, drilling eight new wells.…
READ MOREEleven years have passed since Nigeria’s marginal field bid of 2003, yielding mixed results along the way, more than half of the fields awarded are currently not…
READ MORERoyal Dutch Shell has confirmed the signing of sales agreements for four of its Nigerian onshore oilfields, OMLs 18, 24, 25 and 29 along with Nigeria’s main onshore…
READ MOREOn Monday, South Atlantic Petroleum (SAPetro) doubled its stake in UK-based exploration and production firm Afren to total almost 7.1 percent, stock exchange filings…
READ MORENigerian exploration and production firm Yinka Folawiyo and its partners last week announced a final investment decision for the $220-million development of the…
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