Energy
From The Report: Nigeria 2012
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Nigeria’s 2011 output level was around 2.45m bpd of oil and condensate, about 2.9% of global production, making it the world’s 12th-largest supplier that year. Estimates of proven reserves for natural gas vary from 180.5 tcf to 187 tcf, but these figures may well underestimate the country’s potential. Indeed Nigeria’s natural gas is even more abundant than its oil, but the country has so far failed to realise more than a fraction of its gas potential. Natural gas exports accounted for 67% of total production, excluding flaring, in 2011. Although an undeniable giant in the energy world, Nigeria faces some challenges in terms of performance and progress of its hydrocarbons sector. These include broad issues like politics and insurgency, in addition to the specifics of regulating a large energy sector.
This chapter contains a viewpoint from Diezani Alison Madueke, Minister of Petroleum; and an interview with Ernest Nwapa, Executive Secretary and CEO, Nigerian Content Development and Monitoring Board (NCDMB).
Articles from this Chapter
Energy: Petroleum Industry Bill expected to become law soon
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The fate of Nigeria’s economy has long been intertwined with the trajectory of its single-largest export: oil. As a result, the country is sensitive to the ups and downs of the global crude market, which can have significant repercussions on domestic growth and capital accumulation. Oil prices thus play a crucial role in underwriting both the short-term and long-term health of the local economy. The issue of pricing is crucial, particularly for those producers looking to maintain a reasonable…
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