The outlook for oil and condensate and natural gas production in Nigeria does not appear promising in the near future. Although oil production is expected to continue increasing until 2027, it will subsequently decline due to natural depletion of larges fields that have historically been the backbone of Nigeria’s upstream industry, namely the Bonga Complex, OML (49, 90, 95) and Agbami fields.
The scenario for natural gas production is not much different, as production rates are projected to rise until 2028 before starting to decline due to the lack of investments in new projects. The weak investment in the gas sector is expected to negatively impact Nigeria’s LNG exports, which have seen significant declines in recent years due to a shortage of feedstock gas supplied to liquification plants, now operating at approximately half of their production capacity.
Nigeria currently has six LNG trains, all located in Bonny Island, comprising a total capacity of approximately 22 million tonnes per annum (mtpa). Nigeria LNG Limited (NLNG) took Final Investment Decision (FID) for the construction of the seventh train in 2019, aiming to boost Nigeria’s LNG production capacity to 30 mtpa in the second half of the current decade. A robust progress has been made in the construction of the new train, however, concerns have recently raised over the future of feed gas for this new train.
“Nigeria Exploration and Production Report”, presents the essential information relating to the developments in oil and gas upstream sector in the country. This reports sets out in details the outloof for crude oil and natural gas prodcution in Nigeria until 2029, with a focus on the main upcoming projects across different terrains. The report is also providing an analysis of the main challenges the Nigeria's upstream industry currently face and the root causes of these challenges.
The scenario for natural gas production is not much different, as production rates are projected to rise until 2028 before starting to decline due to the lack of investments in new projects. The weak investment in the gas sector is expected to negatively impact Nigeria’s LNG exports, which have seen significant declines in recent years due to a shortage of feedstock gas supplied to liquification plants, now operating at approximately half of their production capacity.
Nigeria currently has six LNG trains, all located in Bonny Island, comprising a total capacity of approximately 22 million tonnes per annum (mtpa). Nigeria LNG Limited (NLNG) took Final Investment Decision (FID) for the construction of the seventh train in 2019, aiming to boost Nigeria’s LNG production capacity to 30 mtpa in the second half of the current decade. A robust progress has been made in the construction of the new train, however, concerns have recently raised over the future of feed gas for this new train.
“Nigeria Exploration and Production Report”, presents the essential information relating to the developments in oil and gas upstream sector in the country. This reports sets out in details the outloof for crude oil and natural gas prodcution in Nigeria until 2029, with a focus on the main upcoming projects across different terrains. The report is also providing an analysis of the main challenges the Nigeria's upstream industry currently face and the root causes of these challenges.
Scope
- Outlook on the crue oil and natural gas production in the country
- Key details of active and upcoming oil and gas assets in the country
- Recently licensed blocks details, licensed blocks count by company, and latest discoveries
- Latest mergers and acquisitions, and awarded contracts related to the E&P sector in the country
Reasons to Buy
- Gain a strong understanding of Nigeria’s E&P sector
- Facilitate decision making based on strong historical and outlook of oil and gas production data, licensed blocks details, and discoveries
- Assess your competitor’s production outlook and licensed blocks count in the country
- Analyze the latest M&A landscape and awarded contracts related to the country’s E&P sector
Table of Contents
- Nigeria Exploration and Production Sector
- Nigeria Exploration and Production Sector, Oil and Gas Production Outlook
- Nigeria Exploration and Production Sector, Marketed Natural Gas Production by Terrain
- Nigeria Exploration and Production Sector, Gross Crude Oil and Condensate Production by Assets
- Nigeria Exploration and Production Sector, Marketed Natural Gas Production by Assets
- Nigeria Exploration and Production Sector, Net Entitlement Crude Oil and Condensate Production by Major Companies
- Nigeria Exploration and Production Sector, Net Entitlement Natural Gas Production by Major Companies
- Nigeria Exploration and Production Sector, Upcoming Oil and Gas Asset Details
- Nigeria Exploration and Production Sector, Exploration
- Nigeria Exploration and Production Sector, Exploration Details, Exploration
- Recent Contracts
- Recent M&A Activity
- Appendix
- Methodology
- Coverage
- Secondary Research
- Contact the Publisher
Table 1: Nigeria, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2023-2029
Table 2: Nigeria, Marketed Natural Gas Production by Terrain (mmcfd), 2023-2029
Table 3: Nigeria, Gross Crude Oil and Condensate Production (bd), by Assets, 2023-2029
Table 4: Nigeria, Marketed Natural Gas Production (mmcfd), by Assets, 2023-2029
Table 5: Nigeria, Net Entitlement Crude Oil and Condensate Production (bd), by Major Companies, 2023-2029
Table 6: Nigeria, Net Entitlement Natural Gas Production (mmcfd), by Major Companies, 2023-2029
Table 7: Nigeria, Upcoming Oil and Gas Field Assets Details
Table 8: Nigeria, Recently Licensed Block Details
Table 9: Recent Contracts
Table 10: Recent M&A Activity
List of Figures
Figure 1: Nigeria, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2023-2029
Figure 2: Nigeria, Marketed Natural Gas Production by Terrain (mmcfd), 2023-2029
Figure 3: Top 10 Fields in Nigeria by 2023-2029 Crude Oil Production
Figure 4: Top 10 Fields in Nigeria by 2023-2029 Natural Gas Production
Figure 5: Top 10 Companies in Nigeria by 2023-2029 Crude Oil and Condensate Production
Figure 6: Top 10 Companies in Nigeria by 2023-2029 Natural Gas Production
Figure 7: Nigeria, Upcoming Oil and Gas Assets by Production Start Year 2024-2029
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Nigerian National Petroleum Company Limited (NNPC Ltd)
- Nigeria LNG Limited (NLNG)
