Nigeria has made impressive strides in the oil industry, catapulting to the top three among 13 indexed countries in deepwater oil projects. This remarkable progress is attributed to major oil and gas sector reforms initiated by President Bola Tinubu’s administration, aimed at enhancing fiscal attractiveness and ease of doing business.
The country’s deepwater gas sector has also witnessed significant transformation, establishing a fiscal framework for the first time in history. This development has unlocked new opportunities, including the Ubeta Non-Associated Gas project, a half-a-billion-dollar investment.
Some key highlights of Nigeria’s oil industry include:
- Oil Reserves: Nigeria’s proven oil reserves are estimated to be between 16 and 22 billion barrels, making it the tenth most petroleum-rich nation.
- Oil Production: The country produces an average of 2.2 million barrels per day, with the majority coming from the Niger Delta region.
- Natural Gas: Nigeria’s natural gas reserves are substantial, with over 5,300 km³, three times larger than its crude oil reserves.
- Refining Capacity: The country’s refining capacity is expected to increase with the opening of the Dangote Refinery, which will have a daily refining capacity of 650,000 barrels.
Source: Vanguard
