Nigeria Oil & Gas

Overview:

  • The fiscal regime is stable
  • The International Oil Companies have operated in Nigeria for fifty years
  • IOCs invest some $7 billion annually in Nigeria and produce 90% of its 2.5-3.0 million barrels per day
  • 35 billion barrels of oil and 200 tcf of gas discovered to be produced
  • Gas utilisation is a medium to long-term opportunity
  • Nigeria will be a major exporter of LNG to the European Union and USA by 2010
  • Basic chemicals opportunities – Nigeria imports 75% currently
  • Increasing domestic demand for power
  • Management team lived and worked in Nigeria  

 

Key trends in Nigeria's oil and gas industry:

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Major LNG exporting to EU & USA by 2010

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