Nov 5, 2024 · With 15 operating pipelines and an average daily production of some 1.5 million barrels in 2023, Nigeria is the fifteenth largest oil producer worldwide. Moreover, the petroleum industry...

In 2022, the country's oil industry's regulator mentioned that oil theft accounted for 108,000 barrels a day, which is about 7% of total oil production. Watchdogs reckoned that 5% to 20% of oil in Nigeria is reportedly stolen.

Jun 6, 2023 · After more than 10 years of delay, the Nigerian National Assembly in July 2021 finally passed the Petroleum Industry Act (PIA), which seeks to overhaul the regulations and fiscal structures governing Nigeria’s oil and gas sector.

In Nigeria, Hydrocarbon is currently extracted from 323 developed fields located in both onshore and offshore terrains. These fields, which either contain Crude Oil, Condensates or Natural Gas reservoirs, are connected to 265 production processing stations, after which the stabilised Oil and Gas are exported via 31 export terminals.

Oct 3, 2024 · As the livewire of the nation’s economy, the oil industry has generated immense revenue, stimulated economic growth, and provided employment opportunities for millions of Nigerians. The oil and gas industry is also the backbone of Nigeria’s economy, accounting for approximately 90% of the country’s foreign exchange earnings.

Apr 26, 2023 · Nigeria held an estimated 37.1 billion barrels of proved crude oil reserves at the beginning of 2023. 3 Nigeria produces mostly light, sweet (low sulfur) crude oil and most of this oil is exported to global markets (Table 2). 4

Jun 25, 2020 · • Nigeria is the largest oil producer in Africa. It holds the largest natural gas reserves on the continent and was the world’s fifth-largest exporter of liquefied natural gas (LNG) in 2018.1 Although Nigeria is the leading crude oil producer in Africa, production is affected by sporadic supply disruptions.

Nigeria’s oil and gas industry accounts for 10% of the country’s GDP, which is the largest in Africa, worth USD 402 billion. 2020 became Nigeria’s Year of Gas.

Jan 3, 2025 · As of 2024, Nigeria is producing 1.8 million barrels per day (bpd)—a figure that still lags behind its true capacity. With reserves of 37.5 billion barrels, Nigeria is one of the world’s top 10 holders of crude oil, a powerhouse by any standard.

In the early days of the industry in Nigeria, focus was on oil production, hence companies were rightly called ‘Oil Companies’. In the 90’s, there was a transition to ‘Oil and Gas’, and efforts to get value from associated gas which had hitherto been flared. The drive to get even more value from gas led to gas-to-power projects.