Nigeria Exploration and Production Report

Nigeria Exploration and Production Report

Summary

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.

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

• 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