Orient Energy Review, Africa’s top energy news website brings you the latest, carefully curated Nigerian Oil and Gas News, covering updates from diverse companies/stakeholders from the Upstream/Downstream Oil & Gas Industry in Nigeria.
Brief History of Nigeria’s Oil and Gas Industry
Nigeria is the largest oil and gas producer in Africa. Crude oil from the Niger delta basin comes in two types: light, and comparatively heavy – the lighter around 36 gravity and the heavier, 20–25 gravity. Both types are paraffinic and low in sulfur.
Nigeria’s oil revenue has totaled $340 billion in exports since the 1970s and it is the fifth largest producer. Though Nigeria is a major oil exporter, it imports most of its gas, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50. Nigeria produces a form of oil ideal for the United States, has huge reserves, and has increased its production to 2.8 million barrels (450,000 m3) of oil a day. But this, some say, is all a resource curse that is hurting Nigeria and disadvantaging her people.
