Energy
From The Report: Nigeria 2023
View in Online Reader

With Africa’s second-largest proven crude oil reserves – 36.9bn barrels as of 2021 – Nigeria remains a key global energy player. Despite the rise in crude oil prices resulting from Russia’s invasion of Ukraine, structural challenges facing the industry in Nigeria have constrained its ability to maximise export revenue from hydrocarbons. The country has the potential to benefit significantly from its natural resources by implementing reforms and improving infrastructure. Moreover, with many European countries seeking alternative gas supplies, Nigeria can attract investment to upgrade its energy infrastructure. The successful enactment of the Petroleum Industry Act in 2021 and government initiatives to improve security in the energy sector should play a crucial role in reviving interest in Nigeria’s hydrocarbons reserves.
This chapter contains an interview with Olumide Adeosun, CEO, Ardova.

Articles from this Chapter

Overview

Fuel for growth: Infrastructure and security improvements continue to enhance both revenue and generation capacity
OBG
plus

Nigeria remains a key global energy player, exporting significant amounts of crude oil and natural gas. In 2021 it had Africa’s second-largest proven crude oil reserves – at 36.9bn barrels – after Libya. Although the export of hydrocarbons has gradually become a key source of revenue, wider economic headwinds and governance challenges have continued to impede the full development of the energy sector. Russia’s invasion of Ukraine in February 2022 disrupted global energy supply chains and…

Analysis

Securing supplies: Efforts to expand the role of gas production and distribution to increase exports and meet domestic demand
OBG
plus

Alongside its vast oil reserves, Nigeria has significant natural gas resources. According to the Nigerian National Petroleum Corporation (NNPC), the government-owned energy company, in 2021 the country’s natural gas reserves amounted to 206.5trn cu feet. While oil exploration and production have driven energy policymaking in recent decades, attention is beginning to shift to natural gas. To help facilitate growth in the segment, in March 2021 the government launched the Decade of Gas initiative,…

Interview

Unleashing potential: Olumide Adeosun, CEO, Ardova, on new possibilities for growth following deregulation in the local energy industry
OBG
plus

INTERVIEW:Olumide Adeosun In what ways can the downstream sector benefit from the Petroleum Industry Act (PIA)? OLUMIDE ADEOSUN: Political will and private sector engagement are necessary to benefit from liberalisation under the PIA. Separating the Nigerian National Petroleum Corporation’s roles as regulator, operator, competitor and price determiner should stabilise fuel prices and availability, especially in terms of petrol. Full deregulation offers a pathway to increased investment. Moreover,…

Analysis

In short supply: An EU ban on seaborne imports of Russian oil has implications for emerging markets and the rollout of renewable energies
OBG
plus

Emerging markets are exploring opportunities to help meet the EU’s energy demand following the bloc’s announcement to ban seaborne imports of oil from Russia. The move, announced in May 2022 and implemented at the end of the year, formed part of the sanctions crafted in response to Russia’s invasion of Ukraine in February 2022. Previously, roughly 90% of the EU’s oil imports from Russia arrived on seaborne tankers, with the rest coming through the Druzhba pipeline. An exemption for pipeline…