This piece of information is in reaction to enquiries from visitors on the Nigeria's oil & gas potentials. More info is contained in the nigerian oil & gas website: www.cwcnog.com
OverView
Nigeria is the largest oil producer in Africa and the eleventh largest in the world with an average of 2.6 million barrels per day (bb/l) (2006E). Nigeria's economy is heavily dependent on the oil sector, which account for nearly 80% of government revenues and helps the development of Nigeria's infrastructures and other industries.
The government has also been working on a number of economic reforms including the privatization of state-owned entities to continue to encourage private investment and reinvest in the country and it its people.
Nigeria Oil & Gas
Oil
~ Proven Oil reserves of 35.2 billion barrels and plans to expand to 40 billion barrels by 2010
~ Joint ventures account for 95% of Nigeria's crude oil production
~ NNPC estimates that $7 billion per year will be necessary to fund exploration and development in hopes of reaching its production targets.
~ Crude oil producers will be required to refine at least 50 percent of their production in country at existing refineries by 2006
~ 3 new refineries to come onstream by 2008 with the government issuing 13 licences for the construction of additional private refineries.
Gas
~ Natural gas reserves of 185 trillion cubic feet (01/06)
~ Plans to raise earnings from natural gas exports to 50 percent of oil revenues by 2010
~ Nigerian gas flaring accounts for 20% of the world total which could be ended by 2008 by collecting associated natural gas and processing it into LNG.
~ NNPC estimates that $15 billion in private sector investments is necessary to meet its natural gas development goals by 2010
~ The $7 billion Nigeria-Algeria (NIGAL) project is planned to be finished by 2009. 4 000 km pipeline from Nigeria to Algeria's export terminals on the Mediterranean.
8 comments:
Oily Sam,
Perhaps you have posted on the IHub ERHC message board as Oilphant?
You can contact me at the Email address noted below.
Do you have an Email or other coptact address?
Oily Sam,
I won't post your Crude Digger blog link. Though you may already be scared off IHUb. You would have been a chief geologist or scientist on board the Deepwater Patffinder when Chevron did Obo-1. So even on your own blog you choose what to post.
On IHub you could be a lot more open and speculative.
I have a Ph.D. in Psychology and am sensitive to professional affiliations.
Perhaps your identity ought not to be known.
Good luck to all,
Art K
Oily, Do you have recent data on the location of the Belford Dolphin. I wonder if Anadarko will attempt to to drill in Block 3 or 2 of the JDZ
Sorry, as you know, it was the Deepwater Discovery that did the drilling of OBO-1 for Chevron, not Deepwater Patfinder.
Good update. Thanks Oily Sam.
How is Nigeria's oil environment, any better? You failed to mention the working climate there?
Hello from Singapore! Oil & gas - that's what we need. Thanks for the website.
Best wishes.
Hi Oilsam,
Interesting piece of info here from your country. See if you can scoop more on downstream investment!
Thanks.
Rachid, Iran
I have made a new post covering the whole log of oil invesgment in Nigeria.
Thanks for your interest.
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