Discovery of Oil at Oloibiri

On January 15, 1956, Shell-BP discovered crude oil in commercial quantities at Oloibiri in present-day Bayelsa State. The discovery well, Oloibiri-1, produced approximately 5,100 barrels per day and marked the beginning of Nigeria’s transformation into a petroleum-dependent economy.

Nigeria’s first oil export took place in February 1958, with 8,500 tons shipped from the Oloibiri field. The discovery ultimately made Nigeria Africa’s largest oil producer and one of the world’s leading petroleum exporters, with oil accounting for about 90% of the country’s export earnings.