October 21, 2018

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How Nigeria’s lucrative deepwater oil profits disappear

How Nigeria’s lucrative deepwater oil profits disappear

Without its immense oil reserves, discovered in 1956, Nigeria’s economy would be a shadow of itself.

The oil and gas sector makes up about 35% of the country’s GDP, and has become a source of unimaginable wealth for many African tycoons, allowing the country to leapfrog SA to become the biggest economy on the continent.

And within Nigeria’s oil sector, there is one particular area lying roughly 100km off the Nigerian delta beneath the sea that has become known as its “black gold” — the Agbami oil fields. Petrobras, the Brazilian oil company, gushes that Agbami “holds more than 1bn barrels of reserves and ranks among the single largest deepwater discoveries in the world.”

When it hit full production in 2009, Agbami was producing close to 250,000 barrels/day from a depth of around 1,500m. Read more

 

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