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June 13, 2012

Niger and Nigeria Plan GDP Growth Plan from More Oil Production

1. Nigeria plans to increase oil production capacity to 4 million barrels a day by 2020 and expand its crude reserves to 40 billion barrels. Africa’s largest oil producer also aims “in the years ahead” to boost output of liquefied natural gas by an additional 20 million metric tons a year from the current level of 26 million tons.

Nigeria pumped an average of 2.1 million barrels a day of oil this month, according to data compiled by Bloomberg. The country estimates its current crude reserves at 37 billion barrels and its gas reserves at 187 trillion cubic feet.

In 2010 and 2011, Nigeria oil production was around 2.5 million barrles per day.

Nigeria's economy is about 40% from its oil industry.

2. Niger expects its resource-rich economy to grow 15 percent in 2012, boosted by increased production from its uranium mines and growing output from its newly-started oil industry.

Oil output had started at 20,000 barrels per day (bpd) this year. This followed a $5 billion joint venture deal with China National Petroleum Corporation (CNPC). Niger's oil output is expected to quickly ramp up to 100,000 bpd. Production could even reach 500,000 bpd in future years, following further expected discoveries.

Niger and CNPC are planning a crude oil pipeline through Chad for 2013 and 2014, to facilitate exports.



Niger's uranium production was expected to double to around 9,000 tonnes a year (2015) from around 4,000 tonnes currently, thanks to the construction of a new mine, Imouraren, which is expected to come on line in 2014. Imouraren is being developed by French nuclear power giant Areva.


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