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OIL BLOCK BIDDING REQUIREMENT AND THE LOCAL CONTENT BILL IN NIGERIA.
Nigeria has for long been a major producer of crude oil ever since the first commercial well was drilled in Oloibiri in present day Bayelsa state. The country presently has an estimated 35.3 billion barrels both onshore and offshore assets mostly domiciled in the Niger Delta basin. Nigeria presently ranks tenth in the most petroleum-rich nation, and by the far the most affluent in Africa producing about two million {2,000,000} barrels per day.
Nigeria's petroleum is classified mostly as "light" and "sweet", as the oil is largely free of sulphur. Nigeria is the largest producer of sweet oil in OPEC. This sweet oil is similar in composition to petroleum extracted from the North Sea. This crude oil is known as "Bonny light". Names of other Nigerian crudes, all of which are named according to export terminal, are Qua Ibo, Escravos blend, Brass River, Forcados, and Pennington Anfan.
Investment opportunities in the oil and gas industry in Nigeria are stratified along the up stream, middle stream and down stream sectors. While the middle stream and down stream sectors as to do with importation, storage and marketing of refined petroleum products ,the upstream sector of the oil is devoted to the exploration ,production and refining of hydrocarbons.
Though numerous opportunities exist in the upstream sector, we would only concentrate on bidding for oil block and seeking funds for the development of such field’s in Nigeria.
This report there provides in details the technical and financial requirements of bidding for oil blocks in the oil and gas industry in Nigeria. To the extent that it informs interested investors, the report also provides details about marginal fields and the financing options available for the development of oil fields.
Rising global energy demand and the high price of crude oil in the international market continues to fuel the discovery and development of oil fields across the world. Brazil’s Petrobras is set to invest about $224 billion on its offshore asset in the pre-salt region off the country’s coast to produce 5.38 million barrels per day in 2020 up from it present production of 2.7 million barrels per day in 2010.
Similar investment drive soon start in Nigeria with the recent announcement by the ministry of petroleum of the plan to increase the production capacity of about 2 million (2,000,000) barrels per day to four million (4,000,000) barrels per day in the next five (5) year.
The nation’s 35.3 billion barrels reserve is expected to continue to attract investors all over the world.
To get more on oil block bidding requirement and the local content ACT of 2010,Please do visit our forum at http://www.nigeriabusinessplace.com/ , register and click on the Oil and Gas board. There you would find the details including oil and refined petroleum products opportunities.
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OIL BLOCK BIDDING REQUIREMENT AND THE LOCAL CONTENT BILL IN NIGERIA.
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