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sector
Nigeria’s crude oil generally has a gravity of between 21
degree API and 45 Degree API.
Its main export crudes are Bonny Light (37) Degree and
Forcados (31 degree).
About 65% of Nigeria’s oil is above 35 Degree API with a
very low sulphur content
proven oil and gas reserves
1)37.2bn bbl as at the end of 2010, (EIA)
1)Upstream sector,
2)Downstream sector, and
3)Services sector.
division of the industry in Nigeria
The mid stream operations are usually included in the
downstream sector.
However, a distinction is now being made between the two
sectors.
Mid stream covers the processing, storage, marketing and
transportation of crude oil, gas, gas-to Liquids and
liquefied natural gas
upstream sector
This sector is characterized by exploration and production
of crude oil and gas (petroleum operations).
The income of companies engaged in these activities is
subject to tax under the Petroleum Profits Tax Act, 2004
(PPTA), as amended.
upstream sector continued
The sector is the single most important sector in the
economy,
Account for over 90% of the country’s exports and about
80% of the Federal Government (FG’s) revenue.
Downstream Sector is categorized into:
Transmission and Conveyance
2)Distribution and Marketing
2 offshore production