Report : Nigeria Oil Country Tubular Goods Market to 2027 - Country Analysis and Forecasts by Process (Seamless, and Welded); Product (Drill Pipe, Well Casing, and Production Tubing); Application (Onshore, and Offshore)
Oil Country Tubular Goods i.e., OCTG, refers to a range of rolled metal items, more generally related to as pipes, and the various attachments used in the process of manufacture and operation. These can include tubes for drilling, lining or tubing, thread protectors, stabbing guides, bumper rings, and chocks for the screw. Due to the requirements of each pipe, the piping items classify as OCTG in terms of their appropriate charging conditions and what they can pass, how solid they are, and their composition.
As a result of intense exploration campaigns in the early 2000s led by foreign firms such as Chevron, Eni, ExxonMobil, Shell, or Total, Nigeria holds first-largest proven natural gas reserves and second-largest crude oil in Africa. Despite flaring up the bulk of its associated gas, especially from offshore oil production, Nigeria is ranked as the fourth-largest liquefied natural gas (LNG) exporter, mostly to Japan and Europe. Nevertheless, the latest regulation released under the name of Petroleum Industry Bill (PIB) is pushing to avoid flaring and increase the share of local content in the projects related to oil & gas. Although Nigeria is among the most competitive producer and exporter of oil and gas, for its agriculture, it imports refined hydrocarbon products for transport and fertilizers. Few independent and indigenous oil and gas companies operating in Nigeria are Niger Delta Petroleum Resources Ltd., Northeast Petroleum Nigeria Ltd, Pan Ocean Oil Corporation Nigeria Ltd, and Petroleo Brasileiro Nigeria Ltd. – Petrobras. Seplat Petroleum Plc, and South Atlantic Petroleum Limited, among others.
The substantial investment towards the development of pipeline infrastructure is one of the major factors driving the Nigeria OCTG Market. The use of natural gas has been made very appealing by environmental issues in Nigeria. With the increasing demand for electricity, natural gas (Gas-to-Power) consumption is likely to increase in the coming years. Further, in the next ten years, the use of natural gas for producing electricity is expected to grow more than 25 percent faster than fuel consumption of other forms. However, synergies between gas consumption and electricity production have brought about the most significant boost to domestic and foreign marketing prospects for coal. The overall construction costs of natural gas pipelines range from US$ 800,000 per km to US$ 2 million per km (for projects with full diameters over rugged terrain). The Nigerian power sector can only operate successfully to the degree that they have a stable natural gas supply. There is also an export gas pipeline in the works, known as the West African Gas Pipeline, but it has faced several setbacks. The pipeline will allow natural gas transportation to Benin, Ghana, Togo, and Cote d'Ivoire.
The report segments the Nigeria oil country tubular goods market as follows:
Nigeria Oil Country Tubular Goods Market – By Product Type
Nigeria Oil Country Tubular Goods Market – By Application