Nigeria’s oil and gas industry brought in $764.52 billion from 1999 to 2021. This is according to the Nigerian Extractives Industries Transparency Initiative’s Executive Secretary, Dr. Ogbonnaya Orji.
The Times reported that during his speech this week at the Nigeria Energy Forum, he provided the numbers. Important figures mentioned by Dr. Orji during his speech included:
37.050 billion barrels, or around 2.1% of global reserves, are Nigeria’s current oil reserves.
Furthermore, the total revenue produced in the oil and gas industry between 1999 and 2021 is $764.52 billion. Nigeria possesses an astounding gas reserve of more than 209 trillion cubic feet, which makes up 2.6% of the world’s global reserves.
Dr. Orji went on to emphasize the conference’s critical importance, particularly in light of Nigeria’s present energy problems.
He claimed that the country struggles with insufficient deployment and utilization of available energy resources, as well as a significant energy gap and insecurity in the energy sector.
Dr. Orji underlined how important it is to address environmental issues quickly and the need to put policies in place that would reduce methane emissions.
When it comes to short-term warming, methane, a powerful greenhouse gas, has a greater potential than carbon dioxide.
He emphasized the necessity of strong policies aimed at problems like pipeline vandalism, sabotage, and oil theft. Addressing these problems is essential for the nation’s energy security as well as environmental preservation, especially in lowering methane emissions, which play a major role in climate change.
619.7 million barrels of crude oil were lost in Nigeria during a 12-year period, from 2009 to 2020, according to a policy brief by NEITI on crude oil theft and data acquired from NEITI industry reports inside the oil and gas sector.
A significant impact is shown by this astounding volume, which is valued at $46.16 billion, or N16.25 trillion. To put things into perspective, during the highlighted period, this equates to nearly 140 thousand barrels of oil lost every day.
In addition, Nigeria faced more challenges between 2009 and 2018. Refineries around the country lost 4.2 billion litres of petroleum products, worth $1.84 billion.
Furthermore noteworthy is the fact that the nation lost N11.3 trillion on turnaround maintenance for refineries between 2010 and 2020.
In the meantime, Nigeria’s dependency on imported petroleum products will be lessened thanks to the Nigerian National Petroleum Company Limited’s guarantee that all of the country’s refineries will be operational by December 2024.
