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In July 2013, a report analysing the effect of oil theft in Nigeria revealed that Nigeria lost $10.9 billion in potential oil revenues between 2009 and 2011. [60] In 2022, the country's oil industry's regulator mentioned that oil theft accounted for 108,000 barrels a day, which is about 7% of total oil production.
The report concluded that a comprehensive clean-up of the area would take 25-30 years - and it led ... (and is part-funded by the oil giant and Nigerian regulators) has been certified as 98% ...
It partners with foreign oil companies to explore Nigeria's fossil fuel resources. The NNPC, with an asset of $153B (USD), is the largest national oil company in Africa. The company boasts of extensive infrastructure and investment in the downstream, midstream and upstream of the Nigerian petroleum industry.
The types of crude oil exported by Nigeria are Bonny light oil, Forcados crude oil, Qua Ibo crude oil and Brass River crude oil. [86] The U.S. remains Nigeria's largest buyer of crude oil, accounting for 40% of the country's total oil exports; Nigeria provides about 10% of overall U.S. oil imports and ranks as the fifth-largest source of U.S ...
Nigerian government reports more than 7,000 spills between 1970 and 2000 and 2,000 major spillage sites. [23] [24] Pollution and environmental damage of the oil industry has a serious impact on people living in the Niger Delta. [25] The environment laws are poorly enforced.
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. [4] 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 ...
It monitors the oil and gas industry to ensure compliance with relevant regulations and laws. [1] It also oversees the safety and other regulations that relate to the exportation and importation of the products into the country. [2] As part of its activities, the department manages the upstream and downstream sectors in Nigeria petroleum ...
The Dangote Refinery is an oil refinery owned by Dangote Group that was inaugurated on 22 May 2023 [1] in Lekki, Nigeria.When fully operational, it is expected to have the capacity to process about 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world.