SKU: 10680
Author: Wood Mackenzie

Country Report 07 June 2024

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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, with hundreds of small deposits throughout the delta. The deepwater discoveries have proven to hold much larger resources. Based on commercial remaining reserves, the ...

Executive summary
Key facts
Location maps
Key companies
- The Majors
- Indigenous companies
- M&A
Geology
- Introduction
- Niger Delta Basin
  - Stratigraphy
  - Source rocks
  - Reservoir rocks
  - Trapping mechanism
- Keta-Togo-Benin basin
  - Reservoirs, traps and seals
  - Source rocks
- Benue Trough basin
  - Anambra sub-basin
  - Bida sub-basin
- East Niger Rift basin
- Illumeden basin
Exploration
- 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
- Drilling
  - Drilling activity
  - Historical exploration
  - Success rates
Reserves and resources
Production
- Oil/Liquids
  - Production outlook
- Gas
  - Flaring
Infrastructure
- Oil infrastructure
- Terminals
- Oil products
- Gas infrastructure
Costs
- Introduction
  - Historical NNPC funding constraints
  - 2017-2023 NNPC funding model
  - Post-PIA NNPC Limited
- Capital costs
  - Capital expenditure by location
- Operating costs
  - Operating expenditure by location
Policy and regulation
- Key legislation
- The Petroleum Industry Act (PIA) 2021
  - The PIA sets out new governmental, regulatory, fiscal and host community structures for the petroleum sector.
  - The following laws are saved until the termination or expiration of all OPLs and OMLs.
  - From the effective date of the PIA (August 2021), the following laws and regulations are repealed:
- Regulatory body
- State oil company
  - NNPC Limited
  - NNPC
- State participation
- Licensing
  - Petroleum Exploration Licence (PEL)
  - Petroleum Prospecting Licence (PPL)
  - Petroleum Mining Lease (PML)
- Licences which are not converted to PELs, PPLs and PMLs shall be retained until relinquishment, expiry or renewal. This applies to:
  - Oil Prospecting Licence (OPL)
  - Oil Mining Licence (OML)
  - PIA relinquishment upon renewal or conversion of an OML
Fiscal terms
- Overview
- Upstream
  - Concessions
  - Production Sharing Contracts
  - Profit Sharing Contracts
  - Indigenous Sole Risk Contracts
  - Risk Service Contracts
- Mid/Downstream
- Current fiscal terms
- PIA fiscal terms
  - The holder of an existing oil prospecting licence (OPL) or oil mining leases (OML) may enter into a voluntary conversion contract. Such licensees shall benefit from converted fiscal terms, but:
- PIA production royalties
- PIA price royalty
- Hydrocarbon Tax
- 7 more item(s)...