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Nigeria Overview

Nigeria

in figures

Oil Reserves37.5 billion barrels

Oil Production1.99 million bopd

Gas Reserves5.2 tcm

Gas Production47.2 bcm

Nigeria: African Powerhouse

In 2018, the increase in oil prices helped the Nigerian economy sustain its growth, which saw its first full year of positive economic data since the country exited five consecutive quarters of recession in 2017. However, in spite of a legislative push to segment and pass the Petroleum Industry Bill, President Buhari rebuffed the version of the bill that had been passed by the National Assembly, raising doubts about the consistency and stability of the administration’s oil and gas industry reforms.

Despite the challenges, investment continues. The 250,000 bopd Dangote refinery is set to start operating in 2020, while the Egina project, bound to add 200,000 bopd to the country’s production figure, will begin producing between the last months of 2018 and the first ones of 2019. In July 2018, Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru announced its intention to increase crude oil reserves from 37 billion barrels to 40 billion barrels in 2020, as well as to achieve a daily national production of 3 million barrels of oil per day.

Together with a push to secure and increase crude oil production, the Ministry of Petroleum Resources, together with the NNPC, has deepened its commitment to focus on Nigeria’s vast gas resources through the signing of the landmark Seven Critical Gas Development Projects, which are expected to bring 96.3 mcm (3.4 bcf) per day of gas on line by 2020, and generate at least 15,000 MW of electricity by 2020. The continuation and strengthening of the country’s local content policies, in addition to the strategic downstream development Nigeria is starting to witness, all play a major role in TOGY’s coverage of this exciting market.

Interview
Nigeria - April 02, 2020

Chibuike Achigbu, CEO of Chimons Gas, talks to The Energy Year about the growth of Nigeria’s LPG market and what the company…

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Interview
Nigeria - March 26, 2020

Lanre Runsewe, CEO of Rungas Group, talks to The Energy Year about how the company is integrated into Nigeria’s oil and gas…

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Interview
Nigeria - January 16, 2020

Mauro Bartezzati, managing director of Elper Oilfield Engineering, talks to TOGY about the outlook for new projects, the…

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Interview
Nigeria - October 18, 2019

Gbolahan Elias, a partner at G. Elias & Co, talks to TOGY about the implementation of incorporated JVs, the renegotiation of…

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Interview
Nigeria - September 19, 2019

Tein George, chairman of Aveon Offshore, talks to TOGY about the growing role of local content in the Nigerian oil and gas…

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Total to approve Ikike project in Nigeria: CEO
NEWS
Nigeria - January 22, 2019

Total’s CEO has said the IOC will approve plans to develop the Ikike project in Nigeria, international media reported…

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NNPC seeks $4.1 bln to raise output
NEWS
Nigeria - January 21, 2019

The Nigerian National Petroleum Corporation (NNPC) is in talks to raise up to USD 4.1 billion to develop blocks operated by its upstream arm, international media…

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Forte Oil chairman eyes power subsidiary
NEWS
Nigeria - January 18, 2019

Nigerian energy firm Forte Oil is seeking the approval of its shareholders to sell its power unit to the group chairman, local and international media reported…

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Oil tanker fire kills 12 in Nigeria
NEWS
Nigeria - January 14, 2019

At least 12 people have been killed in an oil tanker fire in Nigeria’s Cross River state, local and international media reported over the weekend.

The victims had…

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