Nigeria to prepare its economy for a post-oil era
By Reuters
Share
Nigeria has kicked off plans implementation of efforts to prepare its economy for a post-oil world.
According to the Africa’s largest oil producer’s minister of Science and Technology Ogbonnaya Onu, Nigeria looks to introduce methanol into the economy.
The minister who spoke at a forum this week said the move will reduce gas flaring by using the natural gas as a feedstock for methanol production.
The oil and gas sector in Nigeria accounts for about 10 percent of gross domestic product (GDP), according to OPEC estimates.
Nigeria’s revenue from petroleum exports represents around 86 percent of the country’s total exports revenue.
Emmanuel Addeh
Nigeria is expected to have about 100 oil and gas projects commencing operations across the value chain between 2021 and 2025, accounting for 23 per cent of all total fresh projects in Africa, a new report has disclosed.
According to the report by GlobalData, a data and analytics company, new-build projects would dominate the industry and account for around 90 per cent of the total projects commencing operations across the value chain in Nigeria.
In the report titled: ‘Africa Oil and Gas Projects Outlook to 2025 – Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects,’ the company revealed that of the 100 projects expected to commence operations during the period, petrochemicals will have the highest count with 28 projects, followed by upstream (25), refinery (24) and midstream (23).
Advertisement
Nigeria is expected to have 100 oil and gas projects commencing operations across the value chain between 2021 and 2025, accounting for 23% of the total project starts in Africa.
New build projects dominate the upcoming projects and account for around 90% of the total projects commencing operations across the value chain, according to GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Africa Oil and Gas Projects Outlook to 2025 - Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects’, reveals that of the 100 projects expected to commence operations during the outlook period, petrochemicals will have the highest count with 28 projects, followed by upstream (25), refinery (24) and midstream (23).
Nigeria to account for 23% of upcoming oil and gas projects in Africa by 2025, says GlobalData
Nigeria is expected to have 100 oil and gas projects commencing operations across the value chain between 2021 and 2025, accounting for 23% of the total project starts in Africa. New build projects dominate the upcoming projects and account for around 90% of the total projects commencing operations across the value chain, according to GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Africa Oil and Gas Projects Outlook to 2025 – Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects’, reveals that of the 100 projects expected to commence operations during the outlook period, petrochemicals will have the highest count with 28 projects, followed by upstream (25), refinery (24) and midstream (23).
3 hours Texas Freeze Led To 10.6% Higher Natural Gas Withdrawals 8 hours Chinese Refineries Processed 20% More Crude In March 1 day Guyana Estimates Future Oil Production At 1 Million Bpd 1 day Climate Activists: Canada’s Support To Oil Sector Hit US$14 Billion In 2020 1 day Shell To Put Energy Transition Plan To Shareholder Vote 1 day Businesses Call For Market-Based Approach To Climate Change 1 day Mexican Parliament Passes Law That Restricts Fuel Imports Of Private Companies 1 day Executives Pay Deters Big Oil From Acting On Climate Change 2 days Oil Soars 5% As Bullish News Mounts 2 days Brazil Looks To Finance Fuel Subsidies With Oil Auctions 2 days U.S. Boosts Oil Exports To Canada