Fields and refineries will lead upcoming project starts in Nigeria during 2023 - 2027

In the Nigerian oil and gas sector, fields and refineries are set to lead upcoming project starts, accounting for about 57% of the total project starts between 2023 and 2027, says GlobalData, a leading data and analytics company. 

GlobalData’s report, ‘Africa Oil and Gas Projects Analytics and Forecast by Project Type, Sector, Countries, Development Stage, Capacity and Cost, 2023-2027,’ reveals that 34 fields and 32 refinery projects are expected to start operations in Nigeria during the period 2023-2027. The midstream sector is also expected to witness substantial project starts, with the oil storage and gas processing segments leading with 12 and 11 projects, respectively. 

Himani Pant Pandey, Oil & Gas Analyst at GlobalData, comments: “Being one of the leading exporters of crude oil in the world, Nigeria continues to focus on the development of fields to sustain future oil and gas production.”

Among the upcoming field projects in Nigeria, OML 13 is a key field project during the 2023-2027 period, with a total production capacity of 184,333 barrels of oil equivalent per day (boed) and a project cost of $3.2 billion. Among refineries, the Lagos I refinery is a key project with a cost of $16.1 billion and a capacity of 650 million barrels per day (mbd). 

Pandey concludes: “There is also a focus on the development of refineries and oil storage projects in Nigeria in order to reduce imports of refined products and boost exports.”