With the National Bureau of Statistics(NBS) recording a real GDP growth rate, on an aggregatebasis, of 7.13% in the first quarter of 2011, and a slightly lower 6.17% for the same quarter in 2012, Nigeria boasts the continent’s second-largest economy after South Africa. Africa’s largest oil producer, Nigeria is the third-largest recipient of foreign direct investment in the continent after Angola and Egypt, according to the US Diplomatic Mission.
Articles & Analysis | Under the sea: Offshore drilling continues to grow from The Report: Nigeria 2012
For many, offshore hydrocarbons exploration constitutes perhaps the final oil and gas frontier. Offshore drilling targets deposits trapped beneath the ocean floor – or in some cases beneath inland lakes and seas – which are accessed through wellbores in the seabed. It is the most complex and expensive way of exploiting oil and gas deposits. Wells...
Articles & Analysis | Transitioning: Steps are being taken to manage reform and secure domestic supplies from The Report: Nigeria 2012
Policymakers in Nigeria would like to create a fully market-driven natural gas system. However, ever since – indeed, before – the Gas Master Plan was drawn up in 2008, it has been understood that this objective will not be realised in the short term, and that carefully planned transitional mechanisms are necessary to ensure both that progress and...
Articles & Analysis | Looking up: Production levels rise but the sector still faces hurdles from The Report: Nigeria 2012
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. Its natural gas is even more abundant than its oil, but Nigeria has so far failed to realise...
Articles & Analysis | Local heroes: Domestic firms increase their role in the hydrocarbons sector from The Report: Nigeria 2012
At the moment, it is the big international players – or the ventures involving them – that extract most of Nigeria’s oil and gas. In 2011, in fact, the respective proportions were around 90% and 95%. However, local players are not to be underestimated and look to be growing in importance as time passes.
Articles & Analysis | Liquidity ratios: Producing and selling natural gas in different forms from The Report: Nigeria 2012
With the natural gas extracted from underground coming in a gaseous state, it is somewhat amazing that much of what is produced by Nigeria has so far left the country in liquid form. Interesting, too, that the form of gas with which the local consumer is most likely to come into direct contact is also liquid, and comes in bottles. The former is...