Nigeria to Kick-start 100 Oil & Gas Projects Between 2021 and 2025
As sub-Saharan Africa’s leading oil producer, Nigeria is expected to commence operations on 100 oil and gas projects between 2021 and 2025. According to data from analytics company, GlobalData, this will account for 23% of total oil and gas projects starting in Africa within the next five years.
Of these 100 projects, petrochemicals will account for the largest individual share with 28 projects, followed by upstream with 25 projects, refining with 24 projects and midstream with 23 projects.
Advancing Nigeria’s refining sector is a high priority on the national agenda, as the country is eager to reduce its reliance on imports. The 650,000-barrel per day Lagos 1 project – expected to commence operations in 2022 – could become the largest oil refinery in Africa upon completion.
“The projects also have the potential to transform Nigeria into an exporter of refined products to neighboring countries,” says Oil & Gas Analyst at GlobalData, Teja Pappoppula.
Within the petrochemicals sector, Brass Fertilizer & Petrochemical Company’s methanol plant is another key project, offering a capacity of 1.7 million tons per annum (mtpa). The project has already been approved and is expecting to begin operations by 2025.
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