Nigeria: A market for the Danish offshore industry? Seminar. Peter Blach, Offshore Center Danmark Tuesday, March 11th 2008 at Offshore Center Danmark

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1 Nigeria: A market for the Danish offshore industry? Seminar Peter Blach, Offshore Center Danmark Tuesday, March 11th 2008 at Offshore Center Danmark 1

2 The Nigerian Oil Industry Nigerian Oil Industry: Introduction to Nigeria Oil and Gas in Nigeria Questions 2

3 The Nigerian Oil Industry Introduction to Nigeria 3

4 The Nigerian Oil Industry Subsoil Subsurface activities: Where? Source: Vetco 4

5 Nigeria Oil Industry Country data Area: 923,768 km² Population: app. 135 million Capital: Abuja Language: English (official), Hausa, Yoruba, Igbo (Ibo), Fulani Currency: NGN (nairas) Exchange rates: (2007) = 1USD Gross Domestic Product (2007E): $126.7 billion 5

6 Nigeria Oil Industry Nigeria Domestic Policy Independence: 1960 (from England) Federal republic civilian rule democracy Following nearly 16 years of military rule, a new constitution was adopted in The general elections of 2007 marked the first civilian-to-civilian transfer of power. 6

7 Nigeria Oil Industry Nigeria Exports: petroleum and petroleum products 95%, cocoa, rubber Imports: machinery, chemicals, transport equipment, manufactured goods, food and live animals 7

8 Nigeria Oil Industry Oil and Gas in Nigeria 8

9 Nigeria Oil Industry Facts on Oil and Gas in Nigeria: Africa s largest oil producer Oil sale comprise app. 20% of GDP, 95% of foreign exchange earnings, and about 80% of government revenue Oil production since 1958 Proven oil reserves 3% of world reserves Oil production approx. 3% of world production. 9

10 Nigeria Oil Industry Nigerian Oil and Gas fields 10

11 Nigerian Oil Industry 11

12 Nigerian Oil Industry Operators in Nigeria Shell Petroleum Development Company Ltd Mobil Producing Nigeria Unlimited Chevron Nigeria Ltd Texaco Overseas Nig. Petroleum Co. Unltd Elf Petroleum Nigeria Limited Philip (1964); Pan Ocean Oil Corporation Bought over Ashland Oil Nigeria Limited Agip Energy & Natural Resources Statoil/BP Alliance Esso Exploration & Production Nig. Ltd. Texaco Outer Shelf Nigeria Limited Shell Nig. Exploration & Production Co. Total (Nig.) Exploration & Prod. Co. Ltd. Amoco Corporation Chevron Exploration & Production Co. Conoco Abacan

13 Nigerian Oil Industry International operators: 99% of production SPDC (Shell, NNPC, Elf & Agip). ~ 40% Exxon Mobil ~ 30% (NNPC & Exxon) Chevron ~10% (NNPC & Chevron) Total ~ 5% (Total & NNPC) 13

14 Nigerian Oil Industry Oil Market: Approx. 3% of world production Oil - production:2.63 million bbl/day (2005 est.) Oil - consumption:300,000 bbl/day (2005 est.) Oil - exports:2.203 million bbl/day (2004) Oil - imports:167,900 bbl/day (2004) Oil - proved reserves:35.88 billion bbl (1 January 2006 est.) 14

15 Nigerian Oil Industry Gas Market: Natural gas - production:21.48 billion cu m (2005 est.) Natural gas - consumption:9.936 billion cu m (2005 est.) Natural gas - exports:11.55 billion cu m (2005 est.) Natural gas - imports:0 cu m (2005) Natural gas - proved reserves:5.015 trillion cu m (1 January 2006 est.) 15

16 Nigerian Oil Industry Refining and Downstream: Domestic demand oil products greater than supply Operating capacity 4 refineries 214,000 bbl/d, nameplate 438,750 bbl/d (due to problems) Planned two 180,000 bbl/d refineries in Lagos. International oil companies not interested in privatization of 4 existing refineries. India is investing. China is interested. 16

17 Concrete Business Opportunities in Nigeria Concrete Business Opportunities for Danish Companies in Nigeria: Why Nigeria? SWOT. Key Opportunities Questions 17

18 Concrete Business Opportunities in Nigeria Why Nigeria? 18

19 Concrete Business Opportunities in Nigeria Growth in offshore oil reserves in last years. Projected offshore production growth. Difficult market, but possible. In demand of foreign know-how investors. A mature market, favorable for the new entrees. Joint ventures is a necessity. Good partner (!) can create opportunities. However, no Danish operators yet. 19

20 Concrete Business Opportunities in Nigeria Strengths Weaknesses Biggest African oil producer Well-established oil and gas industry from 1956 Business climate is favourable for the new entrees Governmental interest in the new international players No restrictions for repatriation of profits Lack of infrastructure Necessity of a trustful local partner Logistical challenges Technical difficulties working in deep and ultradeep waters Expensive business start-up and high living costs Opportunities Threats Wide range of project opportunities within the key Danish competences in oil industry Export of know-how to the developing country Operational platform for access to the neighbouring African markets Political institutions are fragile and unstable Bureaucracy and corruption remain a challenge Safety issues in Niger Delta 20

21 Concrete Business Opportunities in Nigeria Key Opportunities 21

22 Concrete Business Opportunities in Nigeria Upstream Opportunities Surveying Civil works Seismic data acquisition and interpretation Drilling operations Crude oil - storage tanks and pipelines Exploration and production of products Manufacturing of consumable in exploration 22

23 Concrete Business Opportunities in Nigeria Downstream Opportunities Liquefied Natural Gas (LNG). Establishment of plants and industries. Establishment of chemical industries. Petrochemical producing industries. Small-scale production of chemicals and solvents Crude oil refining with efficient export facilities. Small-scale joint venture manufacturing companies Products transportation and distribution. 23

24 Concrete Business Opportunities in Nigeria Downstream Projects Liquefied Natural Gas (LNG). Natural Gas Pipeline Network. The Liquefied Natural Gas Project (LNG) The Butanisation Project. Fertilizer Plants. Vehicular Fuel Methanol/MTBE Plants Mobil independent power plant (IPP) 24

25 Concrete Business Opportunities in Nigeria Gas investment opportunities Domestic gas market expansion Independent Power Plants The Liquefied Natural Gas Projects The West Africa Gas Pipeline The Tran Saharan Gas Pipeline Gas to Liquids & Natural Gas Liquids 25

26 Concrete Business Opportunities in Nigeria Questions? 26

27 Concrete Business Opportunities in Angola Thank you for your attention 27

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