Producing 2.1 million barrels per day (bpd), Nigeria serves as Africa’s largest oil and gas producer, although production is currently limited to 1.4 million bpd by OPEC-led quotas. In a bid to develop untapped resources and monetize existing resources, 2020 has seen the launch of a marginal field bid round and construction on the $2.8 billion Ajaokuta-Kaduna-Kano gas pipeline project, with a revised Petroleum Industry Bill and heightened M&A activity also expected this year.
Planned Liquid Fuels Projects
Exploration activities in Nigeria have largely targeted deepwater and ultra-deepwater offshore fields, while smaller fields, such as the offshore Gbetiokun and onshore Qua Iboe fields have provided marginal increases to crude oil production in the past year, partially offsetting production declines at Nigeria’s more mature fields.
