Nigeria is expected to witness 109 oil and gas projects that will commence operations across the value chain during the next four years, accounting for more than 24 per cent of the predicted total projects starts during that time, 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, 2022-2026′, reveals that out of the 109 projects expected to commence operations in Nigeria, petrochemicals would account for 14, upstream (fields) 26, midstream 31 and downstream (refineries) would have the highest amount with 38.
Teja Pappoppula, Oil & Gas Analyst at GlobalData, comments: “Nigeria is mainly investing in oil & gas production, storage and refinery projects over the next five years. These upcoming projects would boost Nigeria’s economy and help the country to transform from an importer to an exporter of refined products, especially to neighbouring countries.”
Among the upcoming refinery projects in Nigeria, Lagos I is a key project with a total capacity of 650 thousand barrels per day (mbd) expected to start operations in 2022. It is the largest individual refinery in Africa and it is currently in the construction stage.