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Oil Gas Investing In Africa

EIA Oil & Gas Regional Profile: Nigeria

Posted: 10/03/2013

Nigeria's hydrocarbon resources are the mainstay of the country's economy, but development of the oil and natural gas sectors is often constrained by instability in the Niger Delta

Nigeria is the largest oil producer in Africa and has been a member of the Organization of Petroleum Exporting Countries (OPEC) since 1971. In 2011, Nigeria produced about 2.53million barrels per day (bbl/d) of total liquids, well below its oil production capacity of over 3 million bbl/d, due to production disruptions that have compromised portions of the country's oil for years.

The Nigerian economy is heavily dependent on its hydrocarbon sector, which account ted for more than 95 percent of export earnings and more than 75 percent of federal government revenue in 2011, according to the International Monetary Fund (IMF).

In this wide-ranging 18 page report by the US Energy Information Administration (EIA) learn more about Nigeria’s history, present and future in oil and gas.

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Posted: 10/03/2013