Nigeria’s Refineries May Produce 70% Of Africa’s Crude Oil By 2024-Report
The Global Data Refining Industry Outlook has projected that Nigeria would add an additional 1.5 million barrels per day refinery capacity by 2024.
According to the report, Africa’s refining capacity is expected to increase by 55 per cent to 5.8 million barrels per day in 2024, from 3.7 million barrels per day in 2020.
It added that Nigeria is expected to contribute over 70 per cent of the regional’s total growth for the period.
Of the total capacity additions in the region, the Report stated that two million barrels per day is expected to come from planned projects, while the remaining 100,000 barrels per day is likely to come from the expansions of active/operational projects.
The Global Data Oil and Gas Analyst, Amareswari Kanaparthi, stated that Nigeria will drive the refinery capacity growth in Africa through newly constructed projects.
“The capacity addition is mainly from the planned Lagos I project – one of the biggest upcoming oil refineries in the world with a capacity of 700,000 barrels per day.
“Along with Lagos I, Akwa Ibom III and Mashi are the major refineries, accounting for most of the capacity additions in the country, with a combined total of one million barrels per day by 2024.”
The Report puts Algeria in second place as it is expected to contribute about 15 percent to Africa’s capacity growth with 310,000 barrels per day of capacity by 2024.
The country’s projected capacity is expected from 3 refineries. They are Hassi Messaoud III, Biskra and Tiaret with a capacity of 110,000 barrels per day; 100,000 barrels per day for Biskra and Tiaret respectively.
He said, “Egypt will be the third-highest country in Africa to add roughly 120,000 barrels per day by 2024 from a planned project, Assiut II refinery, and expansions of the Alexandria and the Mostorod II refineries.”