Oil and natural gas is a major sector in the energy market and play a quintessential role in the global economy as the primary source of fuel. In the last decade (2010-2020), on an average, about 90 million barrels of oil and 340 billion cubic feet of gas was produced and consumed each day. The sector is further divided into Upstream, Midstream and Downstream markets; each of which would be discussed in detail in the report.
The oil & gas sector is characterized by its uncertainty and volatility in the Upstream Market, several operational constraints in the Midstream Market and consolidation of operations in the Downstream Market. Yet, the opportunities in the sector are huge, especially in the sustainability sector.
Nigeria Upstream Oil and Gas Sector Introduction
The upstream oil and gas market includes the exploration, development, and production of crude oil and natural gas from onshore fields or offshore fields using normal or enhanced drilling and extraction techniques. In some countries, crude oil is also produced from surface shales or tar sands.
In 2020, Nigeria had 36.89 billion barrels of proved oil reserves and 5.47 trillion cubic meters of proved natural gas reserves. 1797.6 thousand barrels of oil and 4.77 billion cubic feet of gas was produced each day. Between 2015 and 2020, the oil production decreased by 3.97%; while the gas production increased by 0.72%. Nigeria accounts for about 2.03% of the global oil production and 1.28% of the global natural gas production.
Nigeria Midstream Oil and Gas Sector Introduction
The midstream oil and gas market includes the movement of oil from wells to refinery through barges, tankers, pipelines, trucks, and railroads. Natural gas is predominantly transported through pipelines and liquefied natural gas (LNG) tankers. In 2020, Nigeria had a network of XX thousand kilometers of pipelines to carry crude oil and natural gas.
Nigeria Downstream Oil and Gas Sector Introduction
The downstream oil and gas market includes the refining of crude oil and marketing of refined petroleum products to businesses, industries, governments, and public consumers. While gasoline service stations handle the bulk of public consumer sales, oil companies handle the sales to factories, power plants and other industries. In 2020, Nigeria had an oil refining capacity of 460 thousand barrels per day, while the refinery throughput was 0.33 thousand barrels per day. The country had a network of XX gasoline stations in the same year.
What we cover in the Report?
Blackridge Research?s Nigeria Oil and Gas Market report contains the oil and gas pricing analysis, revenues from oil and gas operations of key players in Nigeria, the exports and imports from and to the Nigeria, oil and gas supply-demand dynamics and the competitive landscape.
Also, the list of ongoing and upcoming oil & gas production wells, the government regulations and award of contracts, the list of upcoming pipelines projects
and the ones in usage and the list of refineries, LNG terminals and gas processing plants (if any) along with their individual capacities.
Furthermore, the report will contain the drivers and restraints within Nigeria Oil and Gas Market along with a meticulous evaluation for their impact in the near-, medium-, or longer-term using Harvey balls and a presentation to enable identify market opportunities and plan for a long-term growth.
The impact of COVID - 19 pandemic is an integral part of the report.
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