Situated in West Africa, Nigeria is an oil and gas producing nation. Oil and gas operations are scattered around the Niger Delta region. Over the years, activities are shifting more into the deep offshore region. As a result, a large field of play is created for companies, opening up opportunities for profitable investments.
At present, oil and gas are the main drivers for foreign earnings in Nigeria, retaining approximately 5% of the $8.5 billion expended in upstream activities within the economy. About 2.5 million barrels of crude oil are also produced per day with an increasing trend in production in the gas sector.
A policy has been formulated by the regulatory authorities of Nigeria, looking to increase “local content.” This is aimed towards increasing the participation of more local Nigerian companies within the oil and gas industry from less than 10% to about 40-70% by 2007. A policy ensuring zero flaring by 2008 has also been formulated. With these policies, more indigenous companies like Teresols Nigeria Limited have more opportunities to get our share in the profits earned within the oil and gas industry.
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