The project is expected to produce million tons per annum mpta of liquefied natural gas. The EPC triggers the commencement of the detail, design, and construction phase of the project. This creates opportunities for:. EPC contract for the pipeline was signed in April In May , NNPC awarded 57 marginal fields to successful bidders following a bid process that commence in May These marginal fields are located on land, swamp, and shallow offshore terrains.
With these awards, successful bidders and their technical and financial partners can jointly develop the fields. It is of note that international investors may have direct and indirect participation through services or technical assistance contracts from technology providers or under capital injections from funds or private equity investors.
Marginal fields are oil fields that the International oil companies abandoned because of limited commercial potential, but which provides opportunities for local players to gain oil exploration experience. Marginal fields in Nigeria have an average economic life of between 8 and 15 years and can produce between 4, barrels of oil equivalent boepd to 30, boepd per field. About nine marginal fields are currently producing.
The amended law further provided for the replacement of the existing production and price-based royalty regime and mandates the Minister of Petroleum Resources to cause the NNPC to call for a review of the PSCs every eight years. The new laws have reduced investment commitments in the Nigerian oil and gas sector from the major oil companies.
Over the next decade, Nigeria hopes to increase its reserves through field optimization, as well as encouraging investments in the development of marginal fields, deep water offshore, and exploitation of bitumen reserves. GON continues to prioritize investment in natural gas and gas-based industries, as outlined in the Gas Master Plan , a comprehensive gas infrastructure development program which targets new investments in gas processing and pipelines, gas-to-power projects, petrochemical facilities, and the NGFCP policy.
The project will generate gas demands of over 2. Investment opportunities range from financial services, gas transmission pipelines, pipe milling, fabrication yards, upstream gas development, LNG and liquefied petroleum gas LPG plants, gas processing facilities, and gas-based manufacturing industries. All these upcoming projects offer opportunities for foreign firms for sale of equipment and services. Many local companies are gradually getting involved in gas projects and look to the U. Despite a challenging environment, drilling equipment, gas technology and the supply and services sector continue to offer opportunities for U.
Although American companies continue to maintain some dominance of the high-end oilfield machinery market share, European and Asian suppliers are also increasing their market share mainly due to the financing model they offer. These companies continue to encroach in various areas of the upstream industry due to their business model offering short-term capital equipment and project funds with favorable repayment terms which is attractive to Nigerian stakeholders.
The Nigerian Content Act imposes limits on foreign management and the content of the petroleum sector, and stipulates specific indigenous participation in engineering, welding and fabrication projects, presents significant barriers to foreign participation and imports in the sector.
Half of Nigeria's workforce currently works in agriculture, Afikuyomi said, so "there is a school of thought that it's almost impossible to grow the economy or do any exports or any production without agriculture. Palm oil, cocoa beans, sesame seeds and cashew nuts are among the crops identified as potential export earners. Nigeria was once the world's leading exporter of palm oil, a vital global ingredient in many processed foods.
The government is investing heavily in the palm oil industry, providing, for example, an agricultural credit scheme that helps operators buy quality and up-to-date seedlings and set up new plantations and mills. But it's a question of whether the agricultural sector can increase exports, analysts say, because it mainly involves small-scale farmers who are relatively unproductive, even compared with other African nations. Nigeria's farmers can produce about 7, kilograms 15, pounds of tomatoes per hectare 2.
In contrast, Kenya can produce 20, kilograms of tomatoes on a similar piece of land, according to Nigerian economist Afikuyomi. Until Nigeria can solve these issues, he said, "we are not likely going to see huge investments coming into the agribusiness space. The coronavirus pandemic gave the ICT industry an additional boost. Companies desperately sought remote working solutions for their employees, and people stuck at home turned towards digital communications, online banking, and shopping.
A large part of this increase came from financial technology fintech as the need for cashless payments, mobile transactions and easy loans exploded during the pandemic. An estimated two out of five Nigerians are financially excluded. This, combined with the country's youthful population and increasing smartphone penetration, "creates the perfect recipe for a thriving fintech sector," according to KPMG, an international consulting company.
The ICT sector, including fintech, still faces myriad hurdles, such as Nigeria's patchy and erratic electricity supply, a fragmented fiber-optic internet network, and a shortage of trained software engineers. The country's crumbling infrastructure is a major impediment to Nigeria's push to pivot from oil. In , President Muhammadu Buhari's administration announced a new infrastructure drive, with multibillion-dollar plans to upgrade roads, railways, bridges, airports and power supply.
Oyaniran said Nigeria's growing insecurity was one of the biggest threats to economic-diversification efforts. Boko Haram insurgents still hit Nigeria's northeast.
The northwest is wracked by banditry and kidnapping , whereas the north-central is plagued by violent disputes between farmers and nomadic herders.
The southern part of the country has also seen its fair share of attacks and kidnappings. Export Share of Nigeria's export value from the oil sector. Nigeria's export value of other oil products to Asia in Q2 Prices Zone with the highest petrol price in Nigeria as of August Companies Royal Dutch Shelll's annual oil and natural gas liquids production in Nigeria.
Interesting statistics In the following 5 chapters, you will quickly find the 30 most important statistics relating to "Oil industry in Nigeria". Statistics on the topic. African market Global oil reserves share by country Main oil producing countries in Africa Import volume of petroleum products into African countries States with the highest petrol prices in Nigeria ExxonMobil net liquids production in Nigeria Crude oil and natural gas liquids production of Chevron in Nigeria Royal Dutch Shell's oil and natural gas liquids production in Nigeria More interesting topics Related topics.
Oil industry in the U. Key indicators of Nigeria's economy. Demographics of Nigeria. Health in Nigeria. Education in Nigeria. E-commerce in Nigeria. Go to report. Simona Varrella.
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