An independent energy firm with operations on three continents, Ambit Energy Corporation targets high-potential oil and gas opportunities in West Africa, with a particular focus in Nigeria. Because of the dual citizenship of its founder, Ambit Energy Corporation is able to participate in the Nigerian Indigenous Concession Program (ICP), which provides incentives for indigenous Nigerians to take part in the country’s oil and gas industry, the largest such sector in Africa.
After decades of exploration, energy industry giant Shell-BP discovered oil in the Niger Delta in 1956. Two years later, Nigeria officially joined the ranks of oil producers upon its first oil field coming on-stream and achieving initial production of 5,100 barrels per day (bpd). Throughout the 1960s and 1970s, oil production grew rapidly to more than 2 million bpd. Despite a subsequent drop in production due to economic decline, the industry rebounded to reach 2.5 million bpd by 2004.
While the Niger Delta region remains a hub of activity, energy companies also pursue offshore projects along Nigeria's coastline. Today, the Nigerian economy is heavily dependent on oil and gas, which accounts for approximately 90 percent of its earnings.
After decades of exploration, energy industry giant Shell-BP discovered oil in the Niger Delta in 1956. Two years later, Nigeria officially joined the ranks of oil producers upon its first oil field coming on-stream and achieving initial production of 5,100 barrels per day (bpd). Throughout the 1960s and 1970s, oil production grew rapidly to more than 2 million bpd. Despite a subsequent drop in production due to economic decline, the industry rebounded to reach 2.5 million bpd by 2004.
While the Niger Delta region remains a hub of activity, energy companies also pursue offshore projects along Nigeria's coastline. Today, the Nigerian economy is heavily dependent on oil and gas, which accounts for approximately 90 percent of its earnings.