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Nigeria Oil Markets, 2011
Summary
This profile is the essential source for top-level energy industry data and information. The report provides an overview of each of the key sub-segments of the energy industry in Nigeria. It details the market structure, regulatory environment, infrastructure and provides historical and forecasted statistics relating to the supply/demand balance for each of the key sub-segments. It also provides information relating to the crude oil assets (oil fields, refineries, pipelines and storage terminals) in Nigeria. The report compares the investment environment in Nigeria with other countries in the region. The profiles of the major companies operating in the crude oil sector in Nigeria together with the latest news and deals are also included in the report.
Scope
- Historic and forecast data relating to production, consumption, imports, exports and reserves are provided for each industry sub-segment for the period 2000-2020.
- Historical and forecast data and information for all the major oil fields, refineries, pipelines and storage terminals in Nigeria for the period 2000-2015.
- Operator and equity details for major crude oil assets in Nigeria.
- Key information relating to market regulations, key energy assets and the key companies operating in the Nigeria's energy industry.
- Information on the top companies in the Nigeria including business description, strategic analysis, and financial information.
- Product and brand updates, strategy changes, R&D projects, corporate expansions and contractions and regulatory changes.
- Key mergers and acquisitions, partnerships, private equity and venture capital investments, and IPOs.
Reasons to buy
- Gain a strong understanding of the country's energy market.
- Facilitate market analysis and forecasting of future industry trends.
- Facilitate decision making on the basis of strong historic and forecast production, reserves and capacity data.
- Assess your competitor's major crude oil assets and their performance.
- Analyze the latest news and financial deals in the oil sector of each country.
- Develop strategies based on the latest operational, financial, and regulatory events.
- Do deals with an understanding of how competitors are financed, and the mergers and partnerships that have shaped the market.
- Identify and analyze the strengths and weaknesses of the leading companies in the country.
1 Table of Contents
1 Table of Contents 2
1.1 List of Tables 7
1.2 List of Figures 9
2 Nigeria Energy Sector 10
2.1 Nigeria Energy Sector, Market Overview 10
2.2 Nigeria Energy Sector, Crude Oil 10
2.2.1 Nigeria Crude Oil, Overview 10
2.2.2 Nigeria Crude Oil, Supply and Demand Balance 11
2.2.3 Nigeria Crude Oil, Regulatory Structure 16
2.2.4 Nigeria Crude Oil, Infrastructure 16
3 Nigeria Oil Upstream Investment Environment Benchmarking 18
3.1 Introduction 18
3.2 The Overall Ranking 18
3.3 Upstream Fiscal Attractiveness 18
3.3.1 Maximum Government Take Index 20
3.3.2 Fiscal Flexibility 20
3.3.3 Maximum State Participation 20
3.3.4 Maximum Domestic Market Obligation 20
3.4 Oil Sector Performance 20
3.4.1 Exploration Activity 22
3.4.2 Oil Production 23
3.4.3 Oil Reserves 23
3.4.4 Oil Consumption 24
3.4.5 Refining Industry 24
3.5 Economic Performance 24
3.5.1 GDP Growth Index 26
3.5.2 FDI Confidence Index 26
3.5.3 Balance of Trade Index 26
3.6 Socio-Political Performance 26
3.6.1 Democracy Index 28
3.6.2 Governance Index 28
4 Nigeria Exploration and Production Sector 29
4.1 Nigeria Exploration and Production Sector, Country Snapshot 29
4.1.1 Nigeria Exploration and Production Sector, Key Data 29
4.1.2 Nigeria Exploration and Production Sector, Crude Oil Assets Map 29
4.2 Nigeria Exploration and Production Sector, Gross Crude Oil Production 30
4.2.1 Nigeria Exploration and Production Sector, Total Gross Crude Oil Production 30
4.2.2 Nigeria Exploration and Production Sector, Gross Crude Oil Production by Type 31
4.2.3 Nigeria Exploration and Production Sector, Gross Crude Oil Production by Major Assets 32
4.2.4 Nigeria Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 34
4.2.5 Nigeria Exploration and Production Sector, Market Share of Key Companies Based on Gross Equity Weighted Crude Oil Production 35
4.3 Nigeria Exploration and Production Sector, Gross Crude Oil Forecasts 36
4.3.1 Nigeria Exploration and Production Sector, Gross Crude Oil Forecasted Production 36
4.4 Nigeria Exploration and Production Sector, Crude Oil Asset Details 39
4.4.1 Nigeria Exploration and Production Sector, Active Crude Oil Asset Details 39
4.4.2 Nigeria Exploration and Production Sector, Planned Crude Oil Asset Details 45
4.5 Nigeria Exploration and Production Sector, Major Oil Discoveries 47
4.5.1 Nigeria Exploration and Production Sector, Number of Oil Discoveries, 2005-2010 47
4.5.2 Nigeria Exploration and Production Sector, Oil Discovery Details 48
4.6 Nigeria Exploration and Production Sector, Recent Discoveries 48
4.6.1 Jul 20, 2011: Mart Resources Finds Hydrocarbons On UMU-8 Well In Umusadege Field, Nigeria 48
4.6.2 Nov 01, 2010: MPN Strikes Gas At Pegi-1 Well In Oil Mining License 104, Nigeria 49
4.6.3 Jun 25, 2010: Afren Taps Oil At Ebok Deep Exploration Well Im OML 67, Offshore Nigeria 49
4.7 Nigeria Exploration and Production Sector, Drilling and Production Updates 50
4.7.1 Apr 14, 2011: SNEPCo Resumes Production At Bonga Oil Field, Offshore Nigeria 50
4.7.2 Apr 07, 2011: Exile Resources Announces Reserves Estimates For Akepo Property, Offshore Nigeria 50
4.7.3 Feb 21, 2011: SPDC's Gbaran-Ubie Project Achieves 1bscfpd Of Gas Production 50
4.7.4 Feb 08, 2011: Mart Resources Spuds UMU-7 Well At Umusadege Field In Nigeria 51
5 Nigeria FPSO Industry 52
5.1 Nigeria FPSO Industry, FPSO Capacity Details by Vessel 52
5.2 Nigeria FPSO Industry, FPSO Vessel Specifications 53
6 Nigeria FSO Industry 54
6.1 Nigeria FSO Industry, FSO Capacity Details by Vessel 54
6.2 Nigeria FSO Industry, FSO Vessel Specifications 54
7 Nigeria Pipeline Sector 55
7.1 Nigeria Pipeline Sector, Key Data 55
7.2 Nigeria Pipeline Sector, An Overview 55
7.3 Nigeria Pipeline Sector, Comparison of Key Crude Oil Pipeline Companies 55
7.4 Nigeria Pipeline Sector, Petroleum Product Pipeline Companies 56
7.5 Nigeria Pipeline Sector, Crude Oil Pipelines 57
7.6 Nigeria Pipeline Sector, Petroleum Product Pipelines 58
8 Nigeria Refining Sector 59
8.1 Nigeria Refining Sector, Key Data 59
8.2 Nigeria Refining Sector, An Overview 59
8.2.1 Nigeria Refining Sector, Total Refining Capacity 59
8.3 Nigeria Refining Sector, Market Shares by Company 60
8.4 Nigeria Refining Sector, Crude Distillation Unit Capacity 61
8.5 Nigeria Refining Sector, Fluid Catalytic Cracking Capacity 61
9 Nigeria Oil and Chemicals Storage Sector 62
9.1 Nigeria Oil and Chemicals Storage Sector, Key Data 62
9.2 Nigeria Oil and Chemicals Storage Sector, An Overview 62
9.2.1 Nigeria Oil and Chemicals Storage Sector, Total Storage Capacity 62
9.2.2 Nigeria Oil and Chemicals Storage Sector, Storage Capacity Share by Area 63
9.3 Nigeria Oil and Chemicals Storage Sector, Capacity- Wise Market Share by Company 64
9.4 Nigeria Oil and Chemicals Storage Sector, Storage Capacity 65
10 Profile of Chevron Corporation 67
10.1 Chevron Corporation, Key Information 67
10.2 Chevron Corporation, Company Overview 67
10.3 Chevron Corporation, Business Description 67
10.3.1 Business Overview 67
10.3.2 Downstream 68
10.3.3 Others 69
10.3.4 Upstream 70
10.4 Chevron Corporation, SWOT Analysis 71
10.4.1 Overview 71
10.4.2 Chevron Corporation Strengths 72
10.4.3 Chevron Corporation Weaknesses 73
10.4.4 Chevron Corporation Opportunities 74
10.4.5 Chevron Corporation Threats 75
11 Profile of Nigerian National Petroleum Corporation 77
11.1 Nigerian National Petroleum Corporation, Key Information 77
11.2 Nigerian National Petroleum Corporation, Company Overview 77
11.3 Nigerian National Petroleum Corporation, Business Description 77
11.3.1 Business Overview 77
11.4 Nigerian National Petroleum Corporation, SWOT Analysis 79
11.4.1 Overview 79
11.4.2 Nigerian National Petroleum Corporation Strengths 79
11.4.3 Nigerian National Petroleum Corporation Weaknesses 80
11.4.4 Nigerian National Petroleum Corporation Opportunities 80
11.4.5 Nigerian National Petroleum Corporation Threats 81
12 Profile of Royal Dutch Shell plc 82
12.1 Royal Dutch Shell plc, Key Information 82
12.2 Royal Dutch Shell plc, Company Overview 82
12.3 Royal Dutch Shell plc, Business Description 82
12.3.1 Business Overview 82
12.3.2 Corporate 83
12.3.3 Downstream 83
12.3.4 Upstream 85
12.4 Royal Dutch Shell plc, SWOT Analysis 86
12.4.1 Overview 86
12.4.2 Royal Dutch Shell plc Strengths 86
12.4.3 Royal Dutch Shell plc Weaknesses 87
12.4.4 Royal Dutch Shell plc Opportunities 88
12.4.5 Royal Dutch Shell plc Threats 89
13 Financial Deals Landscape 91
13.1 Detailed Deal Summary 91
13.1.1 Acquisition 91
13.1.2 Private Equity 97
13.1.3 Equity Offerings 99
13.1.4 Asset Transactions 102
14 Recent Developments 111
14.1 License Rounds 111
14.1.1 Jun 23, 2010: Nigeria May Auction Oil Exploration Blocks In August 2010 111
14.1.2 May 27, 2010: Nigeria To Unveil Details Of New Oil Bidding Round Within Four Weeks 111
14.2 License Awards 111
14.2.1 Apr 22, 2010: Mart Resources And Its Partners Receive Approval For UMU-6 Development Well, Onshore Nigeria 111
14.3 Strategy and Business Expansion 112
14.3.1 Aug 13, 2010: Imo State Seeks NNPC's Support To Build Refinery 112
14.3.2 Aug 13, 2010: Eni Discusses Energy Cooperation With Nigeria 112
14.4 Other Significant Developments 113
14.4.1 Sep 23, 2011: Mira Resources To Commence Re-entry And Testing Operations Of Tom Shot Bank 1 113
14.4.2 Sep 20, 2011: Mart Resources Announces UMU-8 Well Initial Test Results 114
14.4.3 Sep 02, 2011: Total's Usan FPSO Arrives Nigeria 114
14.4.4 Aug 30, 2011: NNPC Takes Over Operatorship Of Four Nigerian Oil Blocks 114
14.4.5 Aug 15, 2011: Mart Resources Provides UMU-8 Well And July 2011 Production Update 115
14.4.6 Jun 10, 2011: Mart Resources Announces Commencement Of Drilling At UMU-8 Well In Umusadege Field, Onshore Nigeria 115
14.5 New Contracts Announcements 116
14.5.1 Oct 11, 2010: Addax Petroleum Secures Contract Extension For FPSO Sendje Berge 116
14.5.2 Oct 08, 2010: Prosafe Production Secures Contract Extension For Abo FPSO 116
15 Appendix 117
15.1 Abbreviations 117
15.2 Methodology 117
15.2.1 Coverage 117
15.2.2 Secondary Research 118
15.2.3 Primary Research 118
15.2.4 Expert Panel Validation 118
15.3 Contact Us 119
15.4 Disclaimer 119
List of Tables
Table 1: Nigeria, Historic and Forecast Production and Consumption of Crude Oil, Thousand Barrels Per Day, 2000-2020 11
Table 2: Nigeria, Historic and Forecast Exports and Imports of Crude Oil, Thousand Barrels Per Day, 2000-2020 13
Table 3: Nigeria, Historic Reserves of Crude Oil, Million Barrels, 2000-2010 15
Table 4: West Africa, Investment Benchmarking, Overall Country Rankings, Sep 2011 18
Table 5: West Africa, Investment Benchmarking, Upstream Fiscal Attractiveness, Sep 2011 19
Table 6: West Africa, Investment Benchmarking, Oil Sector Performance, Sep 2011 20
Table 7: West Africa, Investment Benchmarking, Economic Performance, Sep 2011 24
Table 8: West Africa, Country Standings, Economic Performance, Sep 2011 25
Table 9: West Africa, Investment Benchmarking, Socio-Political Performance, Sep 2011 27
Table 10: West Africa, Country Standings, Socio-Political Performance, Sep 2011 27
Table 11: Nigeria, Crude Oil Key Statistics, 2010 29
Table 12: Nigeria, Total Gross Crude Oil Production (MMBBLs), 2003- 2010 30
Table 13: Nigeria, Total Gross Crude Oil Production (MMBBLs) by Type, 2003-2010 31
Table 14: Nigeria, Gross Crude Oil Production (MMBBLs), by Major Assets, 2003-2010 32
Table 15: Nigeria, Gross Equity Weighted Crude Oil Production (MMBBLs), by Company, 2003-2010 34
Table 16: Nigeria, Market Share (%) of Key Companies based on Gross Equity Weighted Crude Oil Production, 2003-2010 35
Table 17: Nigeria, Gross Crude Oil Production (MMBBLs), Forecast by Major Assets, 2011- 2015 36
Table 18: Nigeria, Active Oil Field Asset Details 39
Table 19: Nigeria, Planned Oil Field Asset Details 45
Table 20: Nigeria, Number of Oil Discoveries, 2005-2010 47
Table 21: Nigeria, Oil Discovery Details, 2005-2010 48
Table 22: Nigeria FPSO Industry, FPSO Oil Production Capacities, Sep 2011 52
Table 23: Nigeria FPSO Industry, FPSO Vessel Specifications, Sep 2011 53
Table 24: Nigeria FSO Industry, FSO Oil Production Capacities, Sep 2011 54
Table 25: Nigeria FSO Industry, FSO Vessel Specifications, Sep 2011 54
Table 26: Nigeria, Pipeline Key Statistics, Sep 2011 55
Table 27: Nigeria, Crude Oil Pipeline Length by Company (Km), Sep 2011 55
Table 28: Nigeria, Petroleum Product Pipeline Length by Company (Km), Sep 2011 56
Table 29: Nigeria, Crude Oil Pipelines, Sep 2011 57
Table 30: Nigeria, Crude Oil Pipelines, Sep 2011 (Contd.1) 58
Table 31: Nigeria, Petroleum Product Pipelines, Sep 2011 58
Table 32: Nigeria, Refinery Key Statistics, Sep 2011 59
Table 33: Nigeria, Total Refining Capacity (MMTPA), 2000- 2015 59
Table 34: Nigeria, Refining Capacity by Company (MMTPA), 2000- 2015 60
Table 35: Nigeria, Crude Distillation Unit Capacity (MMTPA), 2000-2015 61
Table 36: Nigeria, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2015 61
Table 37: Nigeria, Oil and Chemicals Storage Key Statistics, Sep 2011 62
Table 38: Nigeria, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2015 62
Table 39: Nigeria, Oil and Chemicals Storage Capacity by Company (Thousand M3), 2000-2015 64
Table 40: Nigeria, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2015 65
Table 41: Nigeria, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2015 (Contd.1) 66
Table 42: Chevron Corporation, Key Facts 67
Table 43: Chevron Corporation, SWOT Analysis 72
Table 44: Nigerian National Petroleum Corporation, Key Facts 77
Table 45: Nigerian National Petroleum Corporation, SWOT Analysis 79
Table 46: Royal Dutch Shell plc, Key Facts 82
Table 47: Royal Dutch Shell plc, SWOT Analysis 86
Table 48: Petrofac Acquires Additional 11.9% Stake In Seven Energy International 91
Table 49: Petrofac Acquires 15% Stake In Seven Energy 92
Table 50: Mira Resources Acquires 100% Interest In Equinox TSB 93
Table 51: Inergia Petroleum Acquires Hardy Oil (Africa) 94
Table 52: Seven Energy Acquires 62.5% Stake In Universal Energy Resources 95
Table 53: Maurel & Prom Acquires 45% Interest In Seplat Petroleum Development Company 96
Table 54: Shell Plans To Sell European LPG Business And Oil & Gas Fields In The North Sea And Nigeria 97
Table 55: Standard Chartered Private Equity Invests $47.5 Million In Seven Energy 98
Table 56: Oando Plans For Private Placement 99
Table 57: Oando Completes Right Issue Of $142.6 Million 99
Table 58: Providence Resources Completes Private Placement Of $23.72 Million 101
Table 59: Jacka Resources To Acquire 6.7% Interest In Aje Oil And Gas Field From Providence Resources For $16 Million 102
Table 60: Jacka Resources To Acquire 2.667% Stake In OML 113 In Nigeria 103
Table 61: The Blacksands Pacific To Acquire 40% Interest In OPL 2012 Block In Nigeria 104
Table 62: Exile Resources To Acquire Oil Assets In Nigeria From Oando 105
Table 63: AsherXino Sells 15% Stake In Oil And Gas Concession In Nigeria To Petro Log International 106
Table 64: AsherXino To Farm-Out 8% Working Interest In OPL 289 In Nigeria 107
Table 65: Neconde Consortium To Acquire 45% Participating Interest In OML 42 Block 108
Table 66: NPDC Plans To Acquire Two Additional Oil Blocks 109
Table 67: Elcrest Exploration To Acquire 45% Interest In OML 40 Oil Block In Nigeria 110
List of Figures
Figure 1: Nigeria, Energy Consumption Split By Fuel Type (%), 2010 10
Figure 2: Nigeria, Crude Oil Production And Consumption, Thousand Barrels Per Day, 2000-2020 12
Figure 3: Nigeria, Crude Oil Exports and Imports, Thousand Barrels Per Day, 2000-2020 14
Figure 4: Nigeria, Crude Oil Reserves, Million Barrels, 2000-2010 16
Figure 5: West Africa, Country Standings, Upstream Fiscal Attractiveness, Sep 2011 19
Figure 6: West Africa, Country Standings, Oil Sector Performance, by Reserves-Exploration & Production, Sep 2011 21
Figure 7: West Africa, Country Standings, Oil Sector Performance, by Production-Consumption & Refining, Sep 2011 22
Figure 8: West Africa, Country Standings, Number of Exploration Blocks Awarded, Sep 2011 23
Figure 9: West Africa, Country Standings, Economic Performance, Sep 2011 25
Figure 10: West Africa, Country Standings, Socio-Political Performance, Sep 2011 28
Figure 11: Nigeria, Crude Oil Assets Map, Sep 2011 29
Figure 12: Nigeria, Total Gross Crude Oil Production (MMBBLs), 2003-2010 30
Figure 13: Nigeria, Total Gross Crude Oil Production (MMBBLs) by Type, 2003-2010 31
Figure 14: Nigeria, Gross Equity Weighted Crude Oil Production (MMBBLs) by Key Companies, 2003-2010 35
Figure 15: Nigeria, Market Share (%) of Key Companies based on Gross Equity Weighted Crude Oil Production, 2010 36
Figure 16: Nigeria, Number of Oil Discoveries, 2005-2010 47
Figure 17: Nigeria, Crude Oil Pipeline Length By Company (Km), Sep 2011 56
Figure 18: Nigeria, Total Refining Capacity (MMTPA), 2000- 2015 60
Figure 19: Nigeria, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2015 63
Figure 20: Nigeria, Oil and Chemicals Storage Capacity Share by Area (%), 2010 63
Figure 21: Nigeria, Oil and Chemicals Storage Capacity by Company (Thousand M3), 2000-2015 64
Companies Mentioned
Chevron Corporation
Nigerian National Petroleum Corporation
Royal Dutch Shell plc
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