Nigeria is the 4th largest supplier of crude oil to the United States. Energy Dept stats. Mexico, Saudi Arabia and Nigeria are all about the same amount, with Canada being our largest supplier. Nigeria’s crude is high quality and easy to refine – and being on the West coast of Africa means shipping is not risky or subject to problems in the Middle East.
The government run oil company is insolvent according to a junior minister – a claim that the government denies.
Nigeria is similar to Iran in that it has large oil reserves, but lacks refining capacity – so has to spend money to import gasoline and other refined products.
In a possibly related development, French oil giant Total SA has purchased Chevron’s development rights for deepwater drilling in about 5000 feet of water covering about 700 square kilometers off the coast of Nigeria.
How many drilling rigs in the gulf are about to depart for Nigeria?
