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SUPPLY
As a member of OPEC Nigeria has restricted oil production
from its numerous oil fields in the prolific Niger delta basin but in
the last decade has been trying to increase capacity. However, large
volumes remain shut-in due to continued internal tension amongst local
people.
Although the country’s old onshore and shallow water oil producing areas
are mature, and largely in decline, new output from restarting shut-in
fields, increased processing of NGLs from gas and, especially, deep
waters, will allow the country to increase oil production up to a peak
around 2013/2014.
Large volumes of associated gas have been flared but wastage has
declined since the Escravos gas gathering system came onstream in 1997
and the Bonny LNG plant in 1999. With several new LNG trains planned and
a West African gas pipeline, marketed gas output is expected to increase
rapidly.
DEMAND
Nigerian oil consumption declined after 2005 but is now
increasing slowly whilst exports have been flat. Exports are expected to
grow from 2010, reaching a peak in 2013.
Gas consumption is increasing as the country attempts to make more use
of its produced and wasted gas volumes. Meanwhile gas exports as LNG,
which began in 2000, primarily to Western Europe and the USA, have
expanded rapidly and will continue to do so. New exports of piped gas to
neighbouring countries are also beginning.
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