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As of 2007, Nigeria's oil revenue totaled $340 billion in exports since the 1970s and it was the fifth largest producer. [53] Nigeria imports most of its motor spirit, though it is a major oil exporter, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50. [54]
The Nigerian government hopes to increase oil production capacity to 4 Mbbl/d (640 × 10 ^ 3 m 3 /d) by 2010. Nigeria is the world's eighth largest exporter of crude oil and no longer sends 43% of its exports to the United States due to the recent shale boom of the US.
OML29 consists of 9 fields including the iconic Oloibiri Oilfield (1st Commercial Oil Discovery in Nigeria) and holds 2.2 billion barrels of oil equivalent, BOE, while Its hydrocarbon fields could deliver as much as 160,000 barrels of oil per day, and 300 million cubic feet (8.5 million cubic metres) per day at standard conditions at peak output. [6]
Its production in 2022 averaged 1.2 million barrels of oil per day (bopd), [6] and 300 barrels per day (bpd) of condensate, making it the biggest oil producer on the continent. Nigeria has oil reserves of about 37 billion barrels and gas reserves of about 206 Tcf, ranking 10th and 8th in the world, respectively, and giving it plenty of room to ...
OML 98 / Pan Ocean Oil Corporation: 130 3.7 DOMESTIC - Escravos–Lagos Pipeline System. Gbaran Ubie: OML 28 / Shell: 1,000 28 DOMESTIC - planned 60 million ft 3 /d for 225 MW NIPP power plant in Gbaran EXPORT - LNG Plant in Bonny: Obigbo: OML 17 / NPDC: 60 1.7 DOMESTIC - Obigbo North -lkot Abasi pipeline, Northern Option Pipeline : Okoloma
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The Warri Refining & Petrochemicals Company Limited (WRPC) is situated in Warri, within Delta State, Nigeria, and began operations in 1978.This facility is a sophisticated conversion refinery, boasting a distillation capacity of 6,250,000 metric tons annually (equivalent to 125,000 barrels per day).
The Nigerian National Petroleum Company (NNPC) Limited is a state-owned oil company in Nigeria. Still a fully-owned government company, it was transformed from a corporation into a limited liability company in July 2022. [1] NNPC Limited is the only entity licensed to operate in the country's petroleum industry.