Nigeria's Oil & Gas in Numbers

Oil is the central component of the Nigerian economy and has been since 1970 after the boom that increased revenue earnings from exports to $340 billion. Here are some other numbers that have defined this sector.

1956 The same year Morocco & Tunisia became independent, first oil well was drilled in Bayelsa state.

90%

Nigeria’s foreign exchange that comes from oil

70%

Government revenues is gotten from Crude oil.

1.9 mbpd

Nigeria’s current oil production as against its capacity to deliver 2.5 mbpd

10th

By the size of reserves, Nigeria the tenth most petroleum-rich nation, Nigeria holds Africa’s largest reserves.

159

Nigeria has a total of 159 oil fields and 1481 wells in operation.

6

Nigeria has six petroleum exportation terminals in the country. Shell owns two, while Mobil, Chevron, Texaco, and Agip own one each.

Sweet

Nigeria is the largest producer of low-sulphur sweet oil in OPEC

India

During a period Nigeria provided 10% of US entire oil exports. Now Nigeria’s biggest buyer is India

37bn

Nigeria’s oil reserves now estimated at 37bn barrels 110 years is how long Nigeria’s gas reserves is expected to last

$1.55bn

Amount Nigeria has saved in its sovereign wealth fund compared to UAE that has over $600bn.

445,000

Capacity of Nigeria’s four refineries which is supplied by NNPC to enable them supply Nigeria with petroleum products

20% 80%

Nigeria’s refineries performance is less than 20% of its optimum capacity. The rest is used for crude oil swaps

178

Number of marginal fields that exist in Nigeria but only 2.1% of crude oil production is linked to marginal fields.

1984

Is the year the government has declared flaring to be illegal but is yet to impose the deadline for stopping this practice

55%

Of major fields where flaring occurs is owned by the government through NNPC in joint venture

$195

Million according to a Ribadu led recommendation has been lost to unpaid gas flaring penalties.

$103 trillion

Is the estimated amounted Nigeria has lost as a result of stalled investments due to non-passage of PIB.