Nigeria is West Africa’s oil and gas giant. The country is sub-Sahara’s largest oil producer and gas is fast becoming more important as LNG facilities are expanded. The country is highly dependent on the petroleum sector oil, which accounts for 95 per cent of export earnings and 51.4 per cent of GDP.
The Nigeria page provides market information, reports from INTSOK s Nigeria advisor, an overview of planned activities, links to key actors in Nigeria, INTSOK s ongoing activities to enhance the Nigerian oil industry's capabilities and presentations from INTSOK events.
About Nigeria
• Population: 150 million
• The hydrocarbon resources are the mainstay of the country’s economy
• More than 90 percent of export earnings
• Nigeria has been an OPEC member since 1971
• The largest oil producer in Africa
• New extensive petroleum legislation is under way
• Large gas reserves but a major share of the gas has been flared
• Development of the large reserves in the Niger Delta has been hampered by unrest
• Major oil and gas discoveries in deep waters
• Nigerian Content legislation with high targets for Nigerian involvement
Oil
Nigeria deep water exploration has resulted in several major discoveries. Fields like Bonga, Agbami and Ehra have contributed to production growth. Several deep water projects are under planning, final decision is awaiting the new legislation. The Niger Delta region continues to be an important oil producer.
Nigeria has experienced increased pipeline vandalism, kidnappings and militant takeovers of oil facilities in the Niger Delta in recent years.
A major share of Nigeria’s oil production is exported to the United States. Nigeria has four refineries that have been fully operational for several years due to lack of maintenance and vandalism.
The petroleum industry bill is designed to reform the entire hydrocarbon sector to increase the government's share of revenue; increase natural gas production; streamline the decision making process by dividing up the different roles of NNPC including the creation of a profit-driven company.
Oil overview 2010
• Proven oil reserves: 37 billion barrels
• Oil production: 2,4 billion barrels per day
• Oil consumption: 0,3 billion barrels per day
Major oil producers
• NNPC is partner in all joint ventures
• Shell is the largest operator
• ExxonMobil
• Total
• Chevron
• ENI
Natural Gas
Nigeria has significant natural gas resources that can be used for domestic electricity generation, but the development of the electricity sector has been slow. The government has had several plans to address the need for power which will use gas. A Gas Master Plan is outlining the ambitions for utilizing the natural gas.
A significant portion of Nigeria's marketed natural gas is processed into LNG. Nigeria's main natural gas project is the Nigeria Liquefied Natural Gas (NLNG) facility on Bonny Island. NLNG currently has six trains and a production capacity of 22 million metric tons per year (1.1 Tcf). Three additional LNG plants are under planning.
The gas industry
• Proven natural gas reserves: 5,3 trillion cubic meters
• Natural gas production: 34 billion cubic meters
• Natural gas consumption: 61 billion cubic meters
Main Markets
Markets Under Observation
Welcome to the Nigerian Oil and Gas Market
