Country Report
Nigeria upstream summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Nigeria is the largest oil producer in Africa. Production comes from the Niger Delta: 75,000 square kilometres of onshore, swamp and shallow water, leading to a deepwater frontier up to 200 kilometres offshore. Nigeria produces high quality sweet crude, from the prolific Tertiary, Agbada Formation. Reservoirs tend to be small areally but multi-stacked, with hundreds of small deposits throughout the delta. The deepwater discoveries have proven to hold much larger resources. The Niger Delta ...
Table of contents
- Executive summary
- Key facts
- Location maps
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Key companies
- The Majors
- Indigenous companies
- Africa focused companies
- M&A
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Geology
- Introduction
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Niger Delta Basin
- Stratigraphy
- Source rocks
- Reservoir rocks
- Trapping mechanism
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Keta-Togo-Benin basin
- Reservoirs, traps and seals
- Source rocks
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Benue Trough basin
- Anambra sub-basin
- Bida sub-basin
- East Niger Rift basin
- Illumeden basin
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Exploration
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Licensing
- Early exploration
- 1990s
- 2000 licence round
- 2005 licence round
- 2006 licence round
- 2007 licence round
- 2020 Marginal Field Bid Round
- 2022 Deepwater Mini-Bid Round
- 2024 Bid Round
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Drilling
- Drilling activity
- Historical exploration
- Success rates
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Licensing
- Reserves and resources
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Production
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Oil/Liquids
- Production outlook
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Gas
- Flaring
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Oil/Liquids
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Infrastructure
- Oil infrastructure
- Terminals
- Oil products
- Gas infrastructure
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Costs
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Introduction
- Historical NNPC funding constraints
- 2017-2023 NNPC funding model
- Post-PIA NNPC Limited
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Capital costs
- Capital expenditure by location
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Operating costs
- Operating expenditure by location
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Introduction
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Policy and regulation
- Key legislation
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The Petroleum Industry Act (PIA) 2021
- From the effective date of the PIA (August 2021), the following laws and regulations are repealed:
- Regulatory body
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State oil company
- NNPC Limited
- NNPC
- State participation
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Licensing
- Petroleum Exploration Licence (PEL)
- Petroleum Prospecting Licence (PPL)
- Petroleum Mining Lease (PML)
- Oil Prospecting Licence (OPL)
- Oil Mining Licence (OML)
- PIA relinquishment upon renewal or conversion of an OML
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Fiscal terms
- Overview
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Upstream
- Concessions
- Production Sharing Contracts
- Profit Sharing Contracts
- Indigenous Sole Risk Contracts
- Risk Service Contracts
- Mid/Downstream
- Current fiscal terms
- PIA fiscal terms
- PIA production royalties
- PIA price royalty
- Hydrocarbon Tax
- 7 more item(s)...
Tables and charts
This report includes the following images and tables:
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Key facts: Table 1Country MapReserves and resources: Table 1
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Reserves and resources: Table 2Reserves and resources: Table 3Reserves and resources: Table 4Liquids and Gas Production 2025Reserves and contingent resources at 01/01/2025Net Acreage 2025Map of Nigerian Petroleum BasinsOffshore Niger DeltaExploration: Table 5
- 51 more item(s)...
What's included
This report contains:
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