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Top 20 Oil Exporting Countries in 2023

In this article, we take a look at the top 20 oil exporting countries in 2023. If you want to see more top oil exporting countries in 2023, go directly to Top 5 Oil Exporting Countries in 2023.

There are different types of oils. When it comes to energy, oil is often used to mean crude oil. In this article, oil means crude oil.

Crude oil is essential for a modern economy as it helps power internal combustion vehicles and helps produce plastics that consumers use every day.

Given they have larger reserves of crude oil, some countries produce more crude oil than other countries do. For those of you interested, check out Top 20 Oil Producing Countries in 2022.

It can take a lot of capital investment and multiple years for a country to develop their crude oil reserves to bring to the market. In order to export oil to overseas locations, a country will need to develop an oil field, build a pipeline or railway to export oil to a seaport, and build the seaport. Each of those steps can cost many millions or even billions of dollars depending on the scale of the project.

For exporting oil over land, a country will still need to develop an oil field and build pipelines or railways to their destinations.

In order to prevent oversupply, some oil producing countries in OPEC+ also limit their production. OPEC+ is OPEC countries in addition to countries like Russia which is a major oil producer. According to OPEC in 2021, the country’s members had over 80% of the world’s proven crude oil reserves.

OPEC describes itself, “OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.”

Net oil exports can help a country that exports oil develop economically. With the money raised from oil exports, countries can develop their infrastructure more or increase spending on education which could further increase economic growth in the future.

Given the price of oil has changed substantially over the past decade, the value of total oil exports has also changed substantially over the past decades.

If oil prices go substantially higher, the value of total oil exports can go higher if it is sold on the spot market. If oil prices go significantly lower, the value of total oil exports can also go lower if it is sold on the spot market. Some countries use financial derivatives to hedge production, however, so the values of exports might be different at different times depending on the derivatives and the value of oil prices.

In terms of the price of crude oil, it depends on many different factors including supply, demand, economic conditions, and on whether economic data meets estimates. In the longer term, the price of oil will also depend on how quickly electric vehicle adoption increases and how much oil emerging markets will need to power their economies.

Photo by David Thielen on Unsplash

Methodology

For our list of Top 20 Oil Exporting Countries in 2023, we used the CIA World Factbook (2021 Archive) for crude oil exports.

It is important to note that the data does not take into account crude oil imports. As a result, the data is not net crude oil exports.

Some countries like Canada both import and export crude oil given some of the country’s oil fields produce crude oil that its refineries isn’t best suited for.

Much of the data from the CIA is from 2015 so there could be some changes in terms of absolute production. We assume that the top exporting countries in 2023 will be similar but not the same on an absolute scale. Some countries like Russia might not export as much oil given the Russian Ukraine war.

Top 20 Oil Exporting Countries in 2023

The following is for exports and not net exports.

20. United Kingdom

Crude Oil Exports (barrels per day) as of 2017: 710,600

The United Kingdom is a crude oil exporter with exports of 710,600 barrels per day as of 2017. Much of the country’s exports is from offshore fields in the North Sea and the exports have helped the country’s economy over the past few decades. Given its huge economy, the United Kingdom also imports crude oil which isn’t factored into the CIA data on this list. In 2021, the country imported £17.6 billion crude oil and exported £17.9 billion crude oil in the same year.

19. Azerbaijan

Crude Oil Exports (barrels per day) as of 2015: 718,800

Azerbaijan is a former Soviet republic that borders the Caspian Sea that ranks #19 on our list of Top 20 Oil Exporting Countries in 2023 given crude oil exports of 718,800 as of 2015. In terms of more recent data, the International Monetary Fund estimates the country exported 557,991 barrels of crude oil per day as of April 27 2022.

18. Colombia

Crude Oil Exports (barrels per day) as of 2015: 726,700

Colombia exported 726,700 barrels per day of crude oil in 2015, making it one of the larger South American exporters of crude oil for the year. As of December 2021, the country is still a substantial exporter, with exports of 442,167 barrels of crude oil per day according to CEIC Data. According to the Oil & Gas Journal, Colombia has 1.8 billion barrels of crude oil reserves as of January 2022.

17. Brazil

Crude Oil Exports (barrels per day) as of 2015: 736,600

Brazil has an estimated 12.7 billion barrels of proved oil reserves as of January 2021 and the country has over the past few decades developed more of its potential, especially offshore. As a result of its potential and its development, Brazil’s crude oil production has increased. While it exported 736,600 barrels of crude oil per day in 2015, Brazil’s crude oil exports were over almost 1.3 million barrels per day in December of 2021 according to CEIC Data. Like many other countries, Brazil also imports crude, which isn’t included in this data, but Brazil is still a net crude oil exporter overall.

16. Iran

Crude Oil Exports (barrels per day) as of 2015: 750,200

Iran is a member of OPEC with proven crude oil reserves of 208.6 billion barrels as of 2021. Iran is also a considerable exporter of crude oil, with exports of 763,000 barrels per day in 2021 according to OPEC. In 2015, Iran exported 750,200 barrels of crude oil a day according to the CIA.

15. Algeria

Crude Oil Exports (barrels per day) as of 2015: 756,400

Algeria is another member of OPEC with proven crude oil reserves of 12.2 billion barrels. The country exported 446,000 barrels per day in 2021 according to OPEC. Algeria ranks #15 on our list of Top 20 Oil Exporting Countries in 2023.

14. Oman

Crude Oil Exports (barrels per day) as of 2015: 844,100

Oman is a member of OPEC+ which is OPEC countries in addition to some oil producing countries like Russia. In terms of exports, Oman exported 844,100 barrels of crude oil per day in 2015. In December 2021, the country exported 896,706 barrels per day according to CEIC Data.

13. Qatar

Crude Oil Exports (barrels per day) as of 2015: 1,150,000

Qatar isn’t just the host of the 2022 World Cup. The country is also a major oil and gas producer that 1,150,000 barrels of crude oil a day in 2015. As of 2021, Qatar is also the largest global exporter of LNG.

12. United States

Crude Oil Exports (barrels per day) as of 2017: 1,158,000

When taking into account imports, the United States was a net importer of crude oil in 2017. Nevertheless, given it is sometimes more economical to export crude oil to refineries outside the United States, the country exported 1,158,000 barrels of crude oil per day in 2017 according to the CIA.

In terms of 2021, the United States remained a net crude oil importer, importing 6.11 million barrels of crude oil per day and exporting 2.96 million barrels of crude oil per day.

Given crude oil production has increased in recent years, the United States has potential to be a net exporter of crude oil within a few years. When the United States becomes a net crude exporter will depend on the price of crude oil, the amount of investment in crude oil production, and on demand.

11. Mexico

Crude Oil Exports (barrels per day) as of 2017: 1,214,000

Mexico exported 1,214,000 barrels of crude oil in 2017, with a substantial percentage going to the United States refineries in the South. Mexico also exports crude oil to Europe, India, and various Asian Pacific countries.

10. Norway

Crude Oil Exports (barrels per day) as of 2017: 1,383,000

Oil and gas is a big industry for Norway as the country exported 1,563,389 barrels per day in December 2021 according to CEIC Data. Given its substantial production, the country is the second largest exporter of crude oil in Europe. Globally, Norway ranks #10 on our list of Top 20 Oil Exporting Countries in 2023.

9. Kazakhstan

Crude Oil Exports (barrels per day) as of 2015: 1,409,000

Kazakhstan is a former Soviet Republic that exported 1,323,000 barrels per day in December 2021 according to CEIC Data.

8. Venezuela

Crude Oil Exports (barrels per day) as of 2015: 1,656,000

Venezuela is a member of OPEC that exported 448,000 barrels per day in 2021. The country also produced 23.72 billion cubic meters of natural gas in 2021.

7. Angola

Crude Oil Exports (barrels per day) as of 2015: 1,782,000

Angola is an OPEC country that exported 1,080,000 barrels per day of crude oil in 2021. The country also exported 5.08 billion cubic meters of natural gas in the same year.

6. Nigeria

Crude Oil Exports (barrels per day) as of 2015: 2,096,000

Nigeria is an OPEC country in Africa that exported 1,592,000 barrels per day of crude oil and 38.46 billion cubic meters of natural gas in 2021.

Disclosure: None. Top 20 Oil Exporting Countries in 2023 is originally published on Insider Monkey.

Expert Lauds Nigeria’s Return As Africa’s Largest Oil Producer

A stakeholder and oil well control expert, Mr Victor Ekpenyong, has lauded the Federal Government for the country’s return as the largest oil producer in Africa.
Nigeria’s daily crude oil production has increased to 1.5 million barrels per day, due to the successes recorded in the fight against oil theft in the Niger Delta region by the military, according to the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
According to oil production data fr the Organization of Petroleum Exporting Countries (OPEC), Nigeria produced an average of about 1.35 million and 1.23 million barrels of crude oil daily in December and November 2022 respectively.
It stated that Nigeria has also seen improved oil output for November 2022, a development that saw Angola and Algeria trail in second and third positions respectively.
Reacting on the development, Ekpeyong, who is the Chief Executive Officer of an indigenous oil services firm, Keyon International West Africa Ltd, described the development as a great development for the country’s oil industry.
The oil well control expert recalled that prior to the improvement recorded in November and December oil production, a lot of oil workers lost their jobs in 2022, while some companies shut down due to unsustainable oil theft and pipeline vandalism.
He noted that the OPEC report for December revealed that Angola and Alegria’s production levels stood at 1.08 million and 1.01 millionbpd respectively, putting Nigeria’s oil production volume ahead of both countries.
“It was a great relief to know that Nigeria ramped up production in the last quarter of last year as it produced up to 1.5 million barrels per day.
“I would like to commend the Minister of Petroleum and President of Nigeria, Muhamadu Buhari, and Minister of State for Petroleum for the efforts put in to ensure that we optimise production in the last quarter of 2022.
“I equally crave their indulgence to continue relating with the local communities who dwell around pipeline installations and other oil and gas assets.
“We can really do more because we do have the capacity to produce over 2.53 million bpd. Let’s see how we can optimise this a little further to get the resources we need for running this country,” Ekpenyong said.

NUPRC announces mini-bid for 7 oil blocks

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced 2022 Mini Bid Round, where seven offshore blocks covering an area of

approximately 6,700 sq km in water depths of 1,150m to 3,100m have been put on offer.

Gbenga Komolafe, the Commission’s Chief Executive in a statement said the success of the Mini Bid Round will ensure all stakeholders gain value from the country’s resources, whilst paying close attention to reduction in carbon emissions, as well as overall environmental, social and governance (ESG) considerations.

He added that a dedicated programme portal for the Mini Bid Round has been published by NUPRC which provides details of the bid round process, including the registration and prequalification requirements, and detailed guidelines for applicants. He added that a pre-bid conference is scheduled for 16th January to provide potential applicants with an opportunity to ask questions they may have concerning the Mini Bid Round

process and requirements after which interested companies will be invited to submit their pre-qualification applications by 31st January 2023.

“NUPRC will continue to provide further details and roadmap for this international competitive Mini Bid Round in due course.

“Round is aimed at further development of the deep offshore acreages which will be held in accordance with the Petroleum Industry Act (PIA), 2021 with its enhanced legal and regulatory frameworks that seeks to

encourage new investors and investments into the next phase of exploration in this region.

“The Mini Bid Round will be managed by the NUPRC, in line with the provisions

of the PIA, as the statutory body responsible for ensuring compliance with petroleum laws, regulations, and guidelines in the Nigerian upstream petroleum industry.

“The National Data Repository (NDR) of NUPRC and our multi-client partners are delighted and ready to support the Mini Bid Round underpinned by high-quality datasets. The blocks have extensive 2D and 3D seismic data coverage, including multi-beam and analog data. Additionally, a remarkable quality, 3D MegaSurveyPlus reprocessed Pre-stack Time Migration (completed October 2022), with angle stacks and gathers is also available to prospective bidders. Links to all data can be accessed via the dedicated NUPRC portal.

The Mini Bid Round is a market-driven programme and will follow a transparent and competitive procurement process designed to attract competent third-party investors from across the world that have the capability and proficiency in operating in deepwater environments”, he explained.

NNPCL to explore oil in more northern states, Anambra

The Nigerian National Petroleum Company Limited (NNPCL) said it has begun strategic moves to engage in more oil exploration across the north and in Anambra State. Current data from NNPCL covering the company’s frontier exploration activities between 2020-2022 listed the states in the north where it is plans to discover oil including Borno, Sokoto, Nasarawa, Niger, Adamawa, Yobe, Bauchi and Gombe states.

The Anambra basin which is outside the northern states was also included as another area where the NNPC is hoping for more oil exploration.

The planned oil exploration by NNPCL could be boosted by the $400 million projected annual funding for the exploration of frontier basins under the Petroleum Industry Act (PIA). President Muhammadu Buhari had recently officially flagged off the oil exploration Kolmani River 2, which straddles Gombe and Bauchi states. Prospecting is the first stage in discovering oil and gas fields, under which seismic surveys are carried out.

Oil ends year of wild price swings with 2nd straight annual gain

Oil prices swung wildly in 2022, climbing on tight supplies amid the war in Ukraine, then sliding on weaker demand from top importer China and worries of an economic contraction, but closed the year on Friday with a second straight annual gain.

Prices surged in March as Russia’s invasion of Ukraine upended global crude flows, with international benchmark Brent reaching $139.13 a barrel, highest since 2008. Prices cooled rapidly in the second half as central banks hiked interest rates and fanned worries of recession.

Brent crude on Friday, the last trading day of the year, settled at $85.91 a barrel, up nearly 3% to $2.45 per barrel. U.S. West Texas Intermediate crude settled at $80.26 a barrel, up $1.86 or 2.4%.

For the year, Brent gained about 10%, after jumping 50% in 2021. U.S. crude rose nearly 7% in 2022, following last year’s gain of 55%. Both benchmarks fell sharply in 2020 as the COVID-19 pandemic slashed fuel demand.

Investors in 2023 are expected to keep taking a cautious approach, wary of interest rate hikes and possible recessions.

A survey of 30 economists and analysts forecast Brent would average $89.37 a barrel in 2023, about 4.6% lower than the consensus in a November survey. U.S. crude is projected to average $84.84 per barrel in 2023, down from the prior view.

While a jump in year-end holiday travel and Russia’s ban on crude and oil product sales has supported crude, tighter supply will be offset next year by declining fuel consumption due to a deteriorating economic environment, said CMC Markets analyst Leon Li.

Oil’s decline in the second half of 2022 as rising interest rates to fight inflation boosted the U.S. dollar. That made dollar-denominated commodities like crude more costly for holders of other currencies.

Nigeria takes back number one spot as Africa’s largest oil producer, jumps in world ranking

The Organisation of Petroleum Exporting Countries (OPEC) has announced that Nigeria has regained its spot from Libya as Africa’s largest oil producer.

OPEC stated this in its Oil Market Report for December 2022, obtained from its website by Legit.ng.

According to the report, Nigeria’s oil production from secondary sources average of 1.158 million barrels per day in November 2022 to regain the top spot in Africa ahead of Libya’s 1.31 mb/d in November 2022.

The report also showed oil production figures by direct communication(which is the official figure submitted by NNPC) Nigeria’s oil production increased to 1.186 million per barrel a day.

The average crude oil price in the month of November is $87.38 per barrel. When the 1.18 million barrels per day is calculated this means in 30 days Nigeria produced $97 million daily or $3.09bn(N1.33 trillion) within the month, worth of crude oil.

OPEC report reads: “According to secondary sources, total OPEC-13 crude oil production averaged 28.83 mb/d in November 2022, lower by 744 tb/d m-o-m. Crude oil output increased mainly in Nigeria and Angola, while production in Saudi Arabia, the UAE, Kuwait and Iraq declined.”

Africa’s oil producers’ secondary communication figures daily production

Nigeria- 1.158 million (From 4th in October 2022)

Libya- 1.133 million

Angola- 1.102 million

Algeria- 1.022 million

Congo- 259,000

Gabon- 207,000

Equatorial Guinea- 69,0000

Global-ranking oil producers

Saudi Arabia- 10.474 million

UAE- 3.037 million

Kuwait- 2.685 million

Iraq- 4.465 million

IR Iran- 2.559 million

Nigeria- 1.158 million(improvement from 8th in October 2022)

Meanwhile, in another report after receiving approval from the federal government, Rano Air will soon be flying over Nigerian airspace.

The airline is owned by Kano-born business mogul and oil magnate, Alhaji Auwalu Abdullahi Rano. To kick off the airline operation, Rano has spent over N4.2 billion in buying new aircraft.

Petrol, Diesel, Cooking Gas Prices Jump

Nigerians had to contend with an increase in the prices of energy fuels in the month of November, with the cost of purchasing Premium Motor Spirit (Petrol), Automotive Gas Oil (Diesel), and Liquefied Petroleum Gas (Cooking Gas) rising.

This was gathered by Business Post from the latest data sets provided by the National Bureau of Statistics (NBS) on Tuesday.

The average retail price paid by consumers for petrol for November 2022 was N202.48, indicating a 29.8 per cent increase when compared to the value recorded in November 2021 (N167.60). Likewise, comparing the average price value with the previous month (October 2022), the average retail price increased by 3.7 per cent from N195.29.

This is as the country battled fuel scarcity which saw Nigerians queued for fuel due to the unavailability of the commodity despite claims of self-sufficiency by the Nigerian National Petroleum Company (NNPC) Limited.

On the state profiles analyses, Kwara State had the highest average retail price for the commodity at N217.14. Enugu and Gombe States were next, with N215.71 and N215.00, respectively.

On the other side, Ekiti, Akwa Ibom and Delta States had the lowest average retail prices at N189.06, 189.33 and 190.00, respectively.

By the zonal profile, the NBS report showed that the North-Central zone had the highest average retail price of N207.35, while the South-South zone had the lowest price of N194.58.

For diesel, the average price paid by consumers in the month under review was N808.87 per litre. This shows an increase of 191.14 per cent on a year-on-year basis from a lower cost of N277.83 per litre recorded in the corresponding month of last year.

While on a month-on-month basis, the price increased by 0.97 per cent from N801.09 recorded in the preceding month of October 2022. Looking at the variations in the state prices, the top three states with the highest average price of the product in November 2022 include Ebonyi (N869.00), Plateau (N865.00) and Nasarawa (N858.89).

Furthermore, the top three lowest prices were recorded in the following State, namely Akwa Ibom (N750.00), Benue (N772.00) and Borno (N780.50)

The zonal representation of the average price of diesel also showed that North-Central has the highest price of N826.88 while the South-South zone has the lowest price of N783.73 when compared with other zones.

The average retail price for refilling a 5kg cylinder of LPG, otherwise known as cooking gas, sold for N4,549.14 in November 2022, which on a year-on-year basis, indicated a 37.3 per cent rise from N3,312.42 in November 2021.

The price, however, increased by 1.46 per cent on a month-on-month basis from N4,483.75 recorded in October 2022.

On State profile analysis, Niger recorded the highest average price for refilling a 5kg cooking gas with N4,983.33, followed by Kwara with N4,963.33, and Adamawa with N4,960.00. On the other hand, Abia recorded the lowest price with N4,125.00, followed by Delta and Anambra with N4,202.78 and N4,204.17, respectively.

In addition, analysis by zone also showed that the North-Central recorded the highest average retail price for refilling a 5kg cylinder of LPG with N4,852.74, followed by the North-East with N4,606.80, while the South-East recorded the lowest with N4,357.18.

Oil Exploration in Northern Nigeria; Lessons From Niger Delta

In less than two weeks of President Muhammadu Buhari inaugurating the oil deposit found in Kolmani, a border town between Gombe and Bauchi for exploration, the neighboring states have traded words accusing each other of betrayals over the ownership of the oil site.

Kolmani located in the North eastern part of Nigeria is said to have one billion barrels of crude oil reserves and 500 billion standard cubic feet of gas and has attracted $3bn investments at the moment.

Although the President gave assurance during the inauguration that the two neighbouring state governors will support and cooperate with the localities, things haven’t been smooth among the residents and even officials in the two states over the ownership of the site.

It is worthy of the president to note and appreciate the investment gotten so far at a time when the world is clamping down on fossil fuel and even the country is advocating for cleaner energies.

He said: “It is, therefore, to the credit of this administration that at a time when there is near zero appetite for investment in fossil energy, coupled with the location challenges, we are able to attract investment of over $3bn to this project.”

While it seems a potential problem is brewing which is best to nip at the bud, Kolmani resident, officials of Gombe and Bauchi state needs to tackle a bigger problem by taking the lessons Nigerians learnt from the oil exploration in Niger Delta and not make the same fire burn us in this country once again.

Although there is the Petroleum Industry Act, PIA that crowned the 20- year effort of reforming the industry. The PIA is meant to strain relationship problem between the host communities and oil companies by creating the Host Community Development Trust Fund (HCDTF) with the sole purpose of fostering sustainable prosperity, providing direct social and economic benefits from petroleum to host communities, and enhance peaceful and harmonious coexistence between licensees or lessees and host communities.

So while the oil companies give 3% of their expenditure to the host communities, the host communities must ensure their oil and gas assets are secured.

The issue of environmental and air pollution is a major concern which made Indians and other developing countries rise against developed countries at the just concluded climate change conference COP27 in Egypt to demand for complete phasing out of fossil fuels.

In Nigeria, despite government promises to clean up Niger Delta, especially ogoja, the air pollution in that space and no access to drinking water continue to rise. The region known for their fishing activities and trading was made to completely leave their means of livelihood which increases the militancy in the region.

Although Nigeria has passed several laws to stop this environmental degradation, it has yielded no tangible effect . In the same fashion, PIA penalizes companies for gas flaring and provides that the revenues from the penalties will be used for environmental remediation and relief of the impacted host communities.

For this to have an effect, the host communities must have a grip on both the government and the oil companies and ensure the penalty must be steep enough to achieve its intended purpose. If it is not, oil companies will continue to flare gas.

FG moves to recover export pipelines as oil production hits 1.5mbpd

Nigeria’s crude oil production has risen to 1.5 million barrels per day, as the country moves to recover its export pipelines, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari has said.

This comes as the in-country capacity in the nation’s oil and gas moved to a new 54 per cent record. Speaking yesterday at the 11th Nigeria Practical Content (PMC) organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Uyo, Akwa Ibom state, Kyari revealed that Nigeria has not recorded significant funding in the oil and gas sector in the last 10 years.

“We were able to get the trans forcados pipeline back to work. And ultimately, the net effect of that is that from one million barrels three months ago, we are back to 1.5 million barrels per day. Is that our ambition? No. We believe we can get back to 2.4 mbpd early next year,” he revealed.

Kyari insisted that Nigeria has the capacity to hit 2.4 million barrels per day if the challenges confronting the sector are sorted. Making a case for the usage of gas for industrial development, the NNPCL boss submitted that gas provides the opportunity to power the global economy in a sustainable manner.

According to him, to deepen gas utilisation, NNPCL has decided to focus on in-country infrastructure. While the NNPCL is currently supplying about 1.1 billion standard cubic feet (scf) per day to the Lagos area, Kyari insisted that the company has the capacity to supply 3.6 billion scf daily.

In his presentation, Executive Secretary of NCDMB, Simbi Wabote, revealed that the in-country capacity in the oil and gas industry has reached 54 per cent.

He added that a total of 178 Nigerian Content (NC) plans and 197 NC Compliance Certificates were approved in 2022, saying that has ensured an increase in the involvement of Nigerian businesses in the industry contracting process resulting in an increase of the percentage of the number of contract awards to Nigerian businesses from 79 per cent in 2021 to 82 per cent in 2022.

“We are seeing an increase in investors’ confidence in the industry resulting in new investments in structural steel fabrication and optical fiber cable manufacturing facilities. There is deliberate inclusion of women owned companies and Project 100 companies in bidding for contracts to further diversify and deepen the supply chain development in the country,” he said.

The NCDMB boss highlighted that the Board is deepening the support it is giving to the Project-100 beneficiaries in the five intervention areas that cover access to market, capacity building, business insights, policy interventions, and Research and Development.

This year, three Project 100 beneficiaries have been awarded NCDMB guaranteed interest-free loans through intervention funds for remarkable improvements.

In addition, 100 companies have also accessed $10.6 million from NCDMB-NEXIM and NCDMB-BOI intervention funds. On funding, Wabote stressed that the Board portfolio of intervention funds being managed by BOI and NEXIM Bank have grown to $500 million covering loans for asset acquisition, manufacturing, project finance, working capital, and women in oil and gas.

“So far, the $300million NCIFund with BOI has been disbursed in full to more than sixty (60) businesses while about $15million applications have been approved for disbursement under the NEXIM Bank products.

“The products paper for the $50million NOGAPS Manufacturing Fund with BOI has been finalized and will be launched in January 2023 for qualified manufacturers to apply,” he added.

NNPC, Chevron JV to drill 37 wells with $1.4bn

Hopes for renewed oil investment which has been on the decline for some years may have been rekindled again with the Nigerian National Company ( NNPC) Limited and Chevron (‘’CNL’’) Joint Venture sealing a  $1.4 billion deal to finance some of their projects.

The project includes the drilling of 37 wells in the offshore and onshore Escravos area. It will also help to monetize reserves and increase production by arresting decline and supporting domestic gas supply.

This amount is to be used by the NNPC/CNL JV to fund infill drilling program or projects for the fiscal years 2023-2026 The financing arrangement was executed on Wednesday, November 30, 2022.

The Project is in alignment with the NNPC/CNL JV’s lower carbon ambitions and helps support a lower carbon future through increased gas resources for commercialization.

The NNPC/CNL JV recognizes the strategic imperative to supplement funding of the NNPC/CNL JV operations to enable high impact projects that can deliver near term production.

A statement  by the General Manager, Policy, Government and Public Affairs, Chevron Nigeria Limited, Esimaje Brikinn, said, the NNPC/CNL JV is one of the largest producers and investors in Nigeria. CNL has operated in Nigeria for more than 60 years and we are committed to supporting the country in developing its energy resources for the benefit of its people.

“CNL puts people at the center of the energy conversation because it understands that the well-being of people everywhere depends on energy – energy that is affordable, reliable, and ever cleaner to enable human progress.”

The absence of long-term investment in the oil and gas sector as well as insecurity should be blamed for Nigeria’s current low crude oil production.

This development was responsible for the inability of Nigeria to meet the Organisation of the Petroleum Exporting Countries (OPEC) quota in recent times.

Although Nigeria’s OPEC production quota is pegged at 1.8 million bpd, but in the last few years, the country has struggled between 1.3 and 1.4 million bpd.

The speed with which International Oil Companies (IOCs) and other investors were withdrawing investments in hydrocarbon exploitation had further contributed significantly to Nigeria’s underperformance.

The rate at which investments were taken away was too fast.

The lack of investment in the oil and gas sector contributed to Nigeria’s inability to meetits OPEC quota. We are not able to get the needed investments to develop the sector and that affected the country.

Security challenges are another major factor that contributed to the lack of significant growth of the sector in the country just as the drive towards renewable energy by climate enthusiasts had discouraged funding for the sector.

Some industry operators have described this development as a positive one for the industry and economy of the country.

The stakeholders said this would stimulate some level of employment which will have a multiplier effect on the economy.

It is also a sign of confidence in the Nigerian environment by Chevron, a situation the said may encourage other international oil companies IOCs to also begin to consider investing in their assets.