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Petroleum industry in Nigeria. Nigeria is the second largest oil and gas producer in Africa (after Angola ). [1] Crude oil from the Niger Delta basin comes in two types: light, and comparatively heavy – the lighter has around 36 of API gravity while the heavier has 20–25 of API gravity. Both types are paraffinic and low in Sulphur. [2]
In 1971, the Nigerian National Oil Corporation (NNOC) was created to handle direct commercial operational activities in the oil industry on behalf of the Federal Government. However, the Department of Petroleum Resources in the Federal Ministry of Mines and Power continued to exercise statutory supervision and control of the industry. In 1975 ...
The economic history of Nigeria falls into three periods. They are the: pre-colonial, the colonial and the post-colonial or independence periods. [1] The pre-colonial period covers the longest the part of Nigerian history. The colonial period covers a period of 60 years, 1900-1960 while the independence period dates from October 1, 1960.
In 1965, the Herfindahl index of horizontal integration for the crude oil production industry was 1600 and the horizontal integration for the exploration industry was 1250. By 1986, it decreased to around 930 for the crude oil production industry and 600 for the exploration industry. This created a further destabilizing factor for OPEC.
Figures are inflation-adjusted to 2011 International Geary-Khamis dollars. The economy of Nigeria is a middle-income, mixed economy and emerging market [27] [28] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. [29] [30] It is ranked as the 39th-largest economy in the world in terms of ...
The history of Nigeria can be traced to the earliest inhabitants whose remains date from at least 13,000 BC through early civilizations such as the Nok culture which began around 1500 BC. Numerous ancient African civilizations settled in the region that is known today as Nigeria, such as the Kingdom of Nri, [1] the Benin Empire, [2] and the Oyo ...
Oil and gas fields in the Niger delta. Nigeria is the 15th largest producer of petroleum in the world, the 6th largest exporter, and has the 9th largest proven reserves. Petroleum plays a large role in the Nigerian economy and politics, accounting for about 80% of government earnings.
Oil and gas in Nigeria. The first oil well in Nigeria was drilled in 1958 in Oloibiri which is present day Bayelsa State. This acted as a milestone for the production of oil and gas in Nigeria and the emergence of the country as a top oil & gas producer globally. In 2022, Nigeria was still Africa's biggest oil producer and amongst one of the ...