Middle East / Africa

Nigeria flag
Summary | Profile

Country profile: Nigeria

Location: Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon
Climate: varies; equatorial in south, tropical in center, arid in north
Terrain: southern lowlands merge into central hills and plateaus; mountains in southeast, plains in north
Size: 923768 sq. km total (Land area: 910768 sq. km  Water area: 13000 sq.km)
Population: 138,283,240
Languages: English (official), Hausa, Yoruba, Igbo (Ibo), Fulani
Government: federal republic
Capital city: Abuja
Legal system: based on English common law, Islamic law (in 12 northern states), and traditional law; accepts compulsory ICJ jurisdiction with reservations
Currency: naira (NGN)
Licensing:

Country profile

On April 21, 2007, Nigeria held presidential elections, marking the first time in Nigeria’s history that the country passed control from one civilian government to another. During the 16 months preceding the election, militant activity in the Niger Delta (especially near Warri and Port Harcourt) has severely impacted Nigeria’s oil production potential by shutting-in an estimated 20 percent of total production.

The Nigerian economy is heavily dependent on the oil sector, which accounts for 95 percent of the country’s total export revenues. In 2004, Nigeria’s energy consumption mix was dominated by oil (58 percent), followed by natural gas (34 percent) and hydroelectricity (8 percent). Coal, nuclear and other renewables are currently not part of the country’s energy consumption mix. Between 1984-2004, the share of oil in Nigeria’s energy mix has decreased from 77 percent to 58 percent. Natural gas consumption increased from 18 percent to 34 percent. Hydroelectricity has seen a slight increase as well from 5 percent to 8 percent.

British influence and control over what would become Nigeria grew through the 19th century. A series of constitutions after World War II granted Nigeria greater autonomy; independence came in 1960. Following nearly 16 years of military rule, a new constitution was adopted in 1999, and a peaceful transition to civilian government was completed. The government continues to face the daunting task of reforming a petroleum-based economy, whose revenues have been squandered through corruption and mismanagement, and institutionalizing democracy. In addition, Nigeria continues to experience longstanding ethnic and religious tensions. Although both the 2003 and 2007 presidential elections were marred by significant irregularities and violence, Nigeria is currently experiencing its longest period of civilian rule since independence. The general elections of April 2007 marked the first civilian-to-civilian transfer of power in the country's history.

 

 

Energy production and consumption


Oil Gas
Production: 2 million bbl/day (2006 est.) 21 billion cu m (2005 est.)
Consumption: 302,000 bbl/day (2006 est.) 9 billion cu m (2005 est.)
Exports: 2 million bbl/day (2006 est.) 11 billion cu m (2005 est.)
Imports: 167,900 bbl/day (2006 est.)  
Reserves: 37 billion bbl (2007 est.) 5 trillion cu m (1 January 2006 est.)
Major fields:



Nigeria - recent news

03 Aug 20
Nigeria: ADM Energy pre-qualifies in Nigeria's 2020 Marginal Field Bid Round
ADM Energy has successfully pre-qualified in the Nigerian Government's 2020 Marginal Field Bid Round. The Company is participating in the Bid Round as the exclusive technical partner of OilBank International, a Nigerian integrated oil and gas service management company.
03 Aug 20
Nigeria: San Leon acquires 10 per cent interest in new Nigerian Oil Export System
San Leon Energy is investing US$15 million in Energy Link Infrastructure (Malta) Limited ('ELI'), the company which owns the Alternative Crude Oil Evacuation System ('ACOES') project. As previously announced, the ACOES is being constructed to provide a dedicated oil export route from San Leon's OML 18 asset in Nigeria.
02 Aug 20
Nigeria/Niger: Savannah Energy announces FY 2019 preliminary annual results
Savannah Energy has announced its unaudited preliminary results for the year ended 31 December 2019, which include approx. six weeks of operations in Nigeria, following the Company's successful acquisition of the Nigerian Assets in November 2019, together with a financial and operational update for H1 2020 and outlook for the FY 2020.
24 Jul 20
Nigeria: PGS data covers key blocks for Nigeria’s 2020 Bid Round
The PGS Nigeria MultiClient data library provides excellent 2D and 3D seismic coverage over recently announced blocks in the 2020 Marginal Fields Bid Round. The Department of Petroleum Resources, on behalf of the Federal Government of Nigeria, recently launched its 2020 licensing round. A total of fifty-seven marginal fields are on offer, including a number in shallow-water terrains.
13 Jul 20
Nigeria: LEKOIL executes definitive agreements for Otakikpo marginal field development
LEKOIL has announced that the Otakikpo Joint Venture has executed definitive agreements for the next phase of the Otakikpo marginal field development.

Nigeria - more news

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