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Nigeria's oil and gas Industry

Nigeria

Nigeria's oil and gas industry in figures

Oil reserves37 billion barrels

Oil production2.11 million bopd

Gas reserves5.4 tcm

Gas production49.3 bcm

Nigeria: African Powerhouse

Nigeria’s oil and gas industry accounts for 10% of the country’s GDP, which is the largest in Africa, worth USD 402 billion. Despite petroleum’s modest contribution to the country’s GDP, it represents 86% of export income and 50% of government revenue. Oil remains the backbone of the nation’s economy.

The government aims to increase crude reserves to 40 billion barrels, as well as to achieve a daily national production of 3 million bopd. Together with this push to increase oil production, the Ministry of Petroleum Resources, together with NNPC, has deepened its commitment to focus on Nigeria’s vast gas resources.

The year 2020 was crowned Nigeria’s “Year of Gas.” IOCs and local E&P firms have undertaken the exploitation of non-associated gasfields to maximise abundant gas reserves. Nigeria is a gas haven within Africa of immense untapped potential.

The continuation and strengthening of the country’s local content policies, led by the NCDMB, 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.

Interviews, articles and news on Nigeria's energy industry

Tullow: Confidence in Ghana Wissam AL MONTHIRY Managing Director TULLOW OIL GHANA
Articles
Ghana - May 04, 2022

Wissam Al Monthiry, managing director of Tullow Oil Ghana, talks to The Energy Year about the factors creating a positive…

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Hayssam-FAKHRY - The Energy Year
Interview
Ghana - December 14, 2021

Hayssam Fakhry, managing director of Interplast, talks to The Energy Year about the company’s central role in Ghana’s…

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Nigeria reports

More reports
Ben ASANTE Ghana Gas
Interview
Ghana - December 02, 2021

Ben Asante, CEO of the Ghana National Gas Company (Ghana Gas), talks to The Energy Year about how Ghana can leverage its natural…

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Helen Brume Nigeria Union Bank
Interview
Nigeria - December 01, 2021

Helen Brume, group head for oil and gas at Union Bank of Nigeria, talks to The Energy Year about the ups and downs the…

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Taofik ADEGBITE CEO MARINE PLATFORMS
Interview
Nigeria - November 26, 2021

Taofik Adegbite, CEO of Marine Platforms, talks to The Energy Year about the company’s edge in providing ROV services and…

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Articles
Nigeria - November 19, 2021

To accompany the release of The Energy Year Nigeria 2021 we are offering our Nigeria Power Infrastructure 2021 map for free.…

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Seadrill nets $497-million rig contract
NEWS
Nigeria - August 13, 2014

Nigeria’s oil and gas industry accounts for 10% of the country’s GDP, which is the largest in Africa, worth USD 402 billion. Despite petroleum’s modest contribution…

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