LAGOS, Nigeria – FOX Facts: Nigeria Oil
The Nigerian economy is heavily dependent on the oil sector, which accounts for 95 percent of government revenues
Nigeria is the largest oil producer in Africa
Nigeria is tenth largest producer of crude oil in the world
Nigeria had 35.9 billion barrels of proven oil reserves as of January 2006
The Nigerian government hopes to increase oil production to 3 million bb/d in 2006
The Nigerian government plans to expand its proven reserves to 40 billion barrels by 2010
The majority of reserves are found along the country's Niger River Delta, with the majority of oil located in approximately 250 small fields
In 2005, total Nigerian oil production, including lease condensates, natural gas liquids and refinery gain, averaged 2.6 million bbl/d
In recent months, Nigeria has experienced increased pipeline vandalism
Source: U.S. Department of Energy
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox