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

01 Jun 23
Nigeria: PGS releases PSDM Data for Nigeria Library rejuvenation
The PGS Deepwater Niger Delta Depth 2023 project provides unparalleled imaging of complex structure and delivers over 5,000 sq km of reprocessed PSDM MultiClient 3D data. The depth reprocessing focuses on the northwestern Nigerian offshore, rejuvenating two datasets: the Nigeria MegaSurveyPlus and OPL 314/315/321/323 MC3D.
31 May 23
BW Offshore signs short-term contract extension for Abo FPSO
BW Offshore has signed a short-term extension for the Abo FPSO with Nigerian Agip Exploration, a subsidiary of ENI, until 30 June 2023.
31 May 23
Nigeria: Savannah Energy signs new Natural Gas Sales and Purchase Agreement
Savannah Energy has announced that the Company's 80% indirectly owned subsidiary, Accugas, has entered into a Natural Gas Sales and Purchase Agreement (the 'NGSPA') with Amalgamated Oil Company Nigeria ('AMOCON') for gas produced in the OML 156 sole risk petroleum lease area, for onward sale to its customers.
29 May 23
Nigeria: TotalEnergies renews the OML 130 deep offshore license
TotalEnergies, operator of OML 130 offshore Nigeria, has announced the renewal of the production license on the block for 20 years. Located 150 kms off the Nigerian coast, the OML 130 block contains the prolific Akpo and Egina fields which came into production in 2009 and 2018 respectively.
17 May 23
Nigeria: STRYDE awarded million-dollar seismic technology deal for Nigeria O&G onshore exploration
The global expert in onshore seismic acquisition technology and solutions, STRYDE, has been awarded a contract worth over $1 million for the supply of 10,000 seismic receiver nodes and its 'Nimble' node receiver system in Nigeria. STRYDE’s seismic sensor technology will be utilised on an upcoming 3D seismic survey conducted by Nigerian geoscience solutions provider, ATO Geophysical as part of an onshore oil and gas exploration project in the region.

Nigeria - more news

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