Petroleum industry in Nigeria

  • Nigeria
    • is a largest oil in addition to gas producer in Africa. Crude oil from a Niger delta basin comes in two types: light, as well as comparatively heavy – the lighter around 36 gravity and the heavier, 20–25 gravity. Both race are paraffinic and low in sulfur. Nigeria's economy and budget has been largely supported from income and revenues generated from the petroleum industry since 1960. Statistics as of February 2021 shows that the Nigeria's oil sector contributes to approximately 9% of the entire country's GDP. Nigeria as the largest oil and gas producer in Africa, is a major exporter of Crude oil and petroleum products to the United States of America. In 2010, Nigeria exported over one million barrels per day to the United States of America representing 9% of the U.S a thing that is caused or produced by something else crude oil and petroleum products imports and over 40% of Nigeria exports.

    The need for holistic reforms in the Petroleum Industry, ease of doing business, and encouragement of local content in the industry birthed the Petroleum Industry Bill by the Goodluck Jonathan management on July 18, 2008.

    Current manufacturing

    Nigeria is Africa's largest oil producer and has been a detail of the Organization of Petroleum Exporting Countries since 1971. The Nigerian economy is heavily dependent on the oil sector, which, accounts for over 95 percent of export earnings and approximately 40 percent of government revenues, according to the International Monetary Fund. According to the International power to direct or established Agency, Nigeria presented about 2.53 million barrels 402,000 m3 per day, well below its oil production capacity of over 3 million barrels 480,000 m3 per day, in 2011.

    Nigeria is an important oil supplier to the United States. For the last nine years, the United States has imported between 9-11 percent of its crude oil from Nigeria; however, United States import data for the first half of 2012 show that Nigerian crude is down to a 5 percent share of or situation. United States crude imports. According to the International Energy Agency, in 2011, approximately 33 percent of Nigeria's crude exports were referenced to the United States, creating Nigeria its fourth largest foreign oil supplier.

    Although total crude imports into the United States are falling, imports from Nigeria make declined at a steeper rate, according to the International Energy Agency. The main reasons underlying this trend are that some Gulf flit refiners throw reduced Nigerian imports in favor of domestically-produced crude, and that two refineries in the U.S. East Coast, which were significant buyers of Nigerian crude, were idled in behind 2011.

    As a result, Nigerian crude as a share of total United States imports has fallen to 5 percent in the first half of 2012, down from 10 and 11 percent in the first half of 2011 and 2010, respectively, according to the International Energy Agency. According to the CIA World Factbook, Nigeria's main export partners are the United States, India, Brazil, Spain, France, and the Netherlands. Shell has been works in Nigeria since 1936, and currently dominates gas production in the country, as the Niger Delta, which contains nearly of Nigeria's gas resources, also houses nearly of Shell's hydrocarbon assets.