Nigeria Oil & Gas (NOG8) 2008

NOG8 will offer a three day conference that will include a one day focus on gas and power. Gas and power is such an integral and increasingly important part of the Nigerian economy and infrastructure and therefore deserves this special focus.

The spectacular opening ceremony on the 18th February 2008 will once again kick off the event with an opening keynote presentation and a tour of the increasingly impressive exhibition. The strategic conference will then be held on the 19th, 20th and 21st of February 2008. We are already receiving high levels of interest in the event and anticipate a lively and interesting conference that will add further value to the industry. There will be interviews, lively panel discussions and up to date case studies.

Nigeria

Nigeria is the largest oil producer in Africa and the eleventh largest in the world with an average of 2.6 million barrels per day (bb/l) (2006E). Nigeria's economy is heavily dependent on the oil sector, which account for nearly 80% of government revenues and helps the development of Nigeria's infrastructures and other industries.

The government has also been working on a number of economic reforms including the privatization of state-owned entities to continue to encourage private investment and reinvest in the country and it its people.

Nigeria Oil & Gas

Oil

* Proven Oil reserves of 35.2 billion barrels and plans to expand to 40 billion barrels by 2010
* Joint ventures account for 95% of Nigeria's crude oil production
* NNPC estimates that $7 billion per year will be necessary to fund exploration and development in hopes of reaching its production targets.
* Crude oil producers will be required to refine at least 50 percent of their production in country at existing refineries by 2006
* 3 new refineries to come onstream by 2008 with the government issuing 13 licences for the construction of additional private refineries.

Gas

* Natural gas reserves of 185 trillion cubic feet (01/06)
* Plans to raise earnings from natural gas exports to 50 percent of oil revenues by 2010
* Nigerian gas flaring accounts for 20% of the world total which could be ended by 2008 by collecting associated natural gas and processing it into LNG.
* NNPC estimates that $15 billion in private sector investments is necessary to meet its natural gas development goals by 2010
* The $7 billion Nigeria-Algeria (NIGAL) project is planned to be finished by 2009. 4 000 km pipeline from Nigeria to Algeria's export terminals on the Mediterranean.