Nigeria and Africa generally have many powerful regional credentials:

  • Africa has the fastest growing middle class in the world & the ROR on foreign investment is the highest of all developing regions. (http://www.uhy.com March 2015)
  • Energy production across Africa is forecast to grow by 40% by 2030. (Wood McKenzie 2014)
  • Africa supplies approximately 11% and 7% of global oil and gas demand respectively, and contains 10% of the world’s proven oil and gas reserves. (Centurion Law, African Oil & Gas Summit 2015)
  • Nigeria ranks No 1 in Sub-Saharan Africa oil metrics with oil production over 40% and reserves over 55% of the total. Reserves of 37 MMbbls rank it #2 only to Libya in greater Africa. (US EIA 2013 & 2015)
  • As part of its strategy to increase oil & condensate production to c.2.5 MMBPD, Nigeria plans short term field development programmes to increase total oil & condensate production from its current c.2.4 MMBPD by 1.25 MMBPD. (US EIA Feb 2015)
  • Nigeria plans to increase electricity production from fossil fuels (mainly gas) from c.4,000 MW to c.20,000 MW capacity by 2020. (US EIA Feb 2015)
  • Nigeria government mandated $2.50/MCFG plus $0.80/MCFG transportation levy for gas sales to power producers, announces plans to triple gas production from 4 BCFGD to 11 BCFGD. (Minister of Petroleum, Sep. 16, 2014, Bloomberg)
  • Nigeria has c.180 TCF of proved gas reserves as of January 2015, making Nigeria the 9th largest natural gas reserve holder in the world and the largest in the African continent. (US EIA Feb 2015)
  • Nigeria exported c.800 Bcf (17 million tonnes) of LNG in 2013, ranking Nigeria among the world’s top five LNG exporters, along with Qatar, Malaysia, Australia & Indonesia. (US EIA Feb 2015)
  • The Nigerian NNPC/SASOL/Chevron Escravos GTL JV is anticipated to be producing c.34,000 BPD of mainly diesel by the end of 2015 (US EIA Feb 2015)
  • Despite its exports Nigeria has huge unfulfilled gas and power demand providing significant  mid and downstream value adding opportunities
  • Increasingly transparent acquisition processes, flexible deal terms & a relatively stable regulatory regime have substantially eliminated transaction risks.