The Oil Economy Influence on Nigerian History

Ambit Energy Corporation pic
Ambit Energy Corporation
Image: ambitenergycorp.com

 

Ambit Energy Corporation explores for oil and gas primarily in parts of West Africa. In fact, Ambit Energy Corporation’s initial operations focus on Nigeria because that nation has a particularly resource-rich region called the Niger Delta Basin.

The history of Nigerian oil is fairly short, beginning in the mid-1950s when explorers discovered vast and untouched resources sitting beneath the Niger Delta. Within a few years, foreign investors had begun developing the oil there, with the first field in the country producing more than 5,000 barrels per day. Development continued over the following decade. Nigeria’s crude oil capacity expanded to more than two million barrels daily. During the next 40 years, the Nigerian oil economy gradually grew its production base. By 2010, the nation’s output exceeded four million barrels daily.

Since then, the oil economy has flourished. It accounts for 90 percent of Nigeria’s gross earnings, almost totally displacing the old agrarian economy. Presently, the country stands among the top-13 oil producers. In terms of oil reserves, it stands among the top 10.

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