Nigeria is the largest oil and gas producer in Africa. Crude oil from the Niger delta basin comes in two types: light, and comparatively heavy – the lighter around 36 gravity, and the heavier, 20–25 gravity. Both types are paraffinic and low in sulfur.
Nigeria’s oil revenue has totaled $340 billion in exports since the 1970s and it is the fifth-largest producer.
Though Nigeria is a major oil exporter, it imports most of its gas, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50. Nigeria produces a form of oil ideal for the United States, has huge reserves, and has increased its production to 2.8 million barrels (450,000 m3) of oil a day. But this, some say, is all a resource curse that is hurting Nigeria and disadvantaging her people. Enjoy our top list of “Oil and Gas News in Nigeria”