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The document provides an overview of Nigeria's oil and gas industry. It discusses the history of oil exploration and production in Nigeria, which began in 1908 and first discovered oil in 1956. Key points include:
- Nigeria is a major oil producer, currently producing around 2.5 million barrels per day. Proven oil reserves are estimated at 37.2 billion barrels.
- The natural gas sector is relatively underdeveloped due to lack of infrastructure and gas flaring. Proven natural gas reserves are estimated at 5.29 trillion cubic meters.
- The Nigerian National Petroleum Corporation regulates the industry and partakes in joint ventures with international oil companies like Shell and Chevron.
- Key legislation includes
The document provides an overview of Nigeria's oil and gas industry. It discusses the history of oil exploration and production in Nigeria, which began in 1908 and first discovered oil in 19…