Top 5 Companies Leading the Nigeria Oil and Gas Market

The Nigeria oil and gas market attained a volume of 1.37 MMT in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 5.30%, to reach 1.85 MMT in 2034. Meanwhile, the Nigeria oil market attained a volume of 441 thousand barrels per day and is expected to grow at a CAGR of 3.60% between 2025 and 2034, to reach 542 thousand barrels per day in 2034. As per the analysis by Expert Market Research, the market is expected to be driven by rising exploration projects.

Nigeria is a significant contributor to Africa’s oil and gas sector due to its significant natural gas reserves, significant consumer market, strategic location, and extensive crude oil production According to the Nigerian government, the country has sufficient natural gas reserves and can potentially increase its production to over 5 billion cubic feet per day by 2030. Nigeria is also highly dependent on fossil fuel exports for 90% of its foreign exchange and around 50% of its budget. Further, policies, such as the Decade of Gas Initiative of 2021 is boosting domestic gas consumption, expanding gas infrastructure, raising gas exports, and attracting foreign direct investment into the gas sector.

The privatisation of the Nigerian National Petroleum Corporation (NNPC) in July 2022 is expected to be beneficial for upstream exploration, propelling the Nigeria oil and gas market growth. This is because, under the Petroleum Industry Act, PIA, 2021, the oil and gas sector in Nigeria requires around 30% of the NNPC’s profits to be reinvested in the Frontier Exploration Fund to aid the exploration and development in Nigeria’s frontier acreages. 

Exploration projects to be sanctioned in the near term in Nigeria include TotalEnergies’ offshore Preowei Phase I development (65,000 bbl/d) projects, anticipated to start up in 2026; Shell’s Bonga North (120,000 bbl/d) in 2027, and ExxonMobil’s Owowo and Bosi oil to be stated in 2029 and 2030, respectively. Further, Shell’s HI and HA shallow-water development projects are likely to go onstream in 2027 and 2029. All these projects are projected to help Nigeria increase its overall oil and gas production.

Latest Updates on Top Oil and Gas Companies in Nigeria:

February 2025: A new joint venture that would revolutionize Nigerian marine transportation was signed by Caverton Marine Limited, Stena Bulk, and the Nigerian National Petroleum Company (NNPC) Shipping. The deal, which was signed in London, intends to establish a new tanker operation to meet the regional and international shipping needs of crude oil, refined products, and LNG in Nigeria and West Africa.

November 2024: Morocco declared that the Nigeria-Morocco Gas Pipeline (NMGP) Project would begin its first bidding in 2025. The tenders will focus on the Moroccan portion of the pipeline in accordance with the 2025 Action Plan of the nation's National Office of Hydrocarbons and Mines.

November 2024: Nigeria introduced New Utapate Crude with the goal of doubling production from 40,000 barrels per day by the end of 2025. Even though the West African producer is a party to a current OPEC+ output cut accord, the launch is part of Nigeria's effort to increase its oil production, which has long been hampered by instability and petroleum theft.

June 2024: The Nigerian National Petroleum Corporation Ltd. (NNPCL, 60%) and TotalEnergies, the operator of OML 58 onshore license in Nigeria with a 40% stake, made the Final Investment Decision (FID) for the development of the Ubeta gas field.

Top 5 Oil and Gas Companies in Nigeria | Best Brands

1. Exxon Mobil Corporation

ExxonMobil Corporation is engaged in the exploration, production, transportation, and sale of crude oil, natural gas, and petroleum products. The company is a prominent manufacturer and marketer of commodity and speciality petrochemicals. The ExxonMobil Nigerian upstream affiliates include Mobil Producing Nigeria Unlimited (MPN), Esso Exploration and Production Nigeria (Offshore East) Limited, and Esso Exploration and Production Nigeria Limited (EEPNL).

2. Total Energies SE

Total Energies SE conducts oil and gas exploration and production, natural gas liquefaction, and retail activities in Nigeria. The company started operating in Nigeria since 1956 and employs over 1,600 people in the country. Further, Total Energies has approximately 540 number of service stations in Nigeria. In Nigeria, the company holds interests in about 30 oil mining leases, five of which it operates, including onshore OML 58 and offshore OMLs 99, 100, 102, and 130.

3. Nigerian National Petroleum Corporation

Nigerian National Petroleum Corporation (NNPC) Limited is a dynamic energy company operating across the entire energy value chain. The company’s businesses include upstream, gas and power, new energy, downstream, and non-energy. The company’s gas and power business focuses on increasing commercial gas volumes by increasing investments in the processing and transmission network of gas and accessing untapped markets.

4. Shell PLC

Shell PLC conducts its operations in Nigeria through its subsidiary Shell Nigeria Gas (SNG) Ltd incorporated in 1998 for the downstream distribution of gas. The company provides gas to manufacturing and industrial customers. SNG operates a transmission and distribution network of more than 138km in Nigeria. The company operates several distribution systems including the Aba Cluster in Abia State, Agbara-Ota in Ogun State, and the Port Harcourt Cluster in Rivers State.

5. Chevron Corporation

Chevron Corporation is one of the largest producers of oil in Nigeria. The company operates in Nigeria through its subsidiary Chevron Nigeria Limited (CNL). Chevron operates under a joint-venture arrangement with the Nigerian National Petroleum Corporation (NNPC) for offshore and onshore assets in the Niger Delta region. Through this joint venture, it holds 40% interest in eight concessions in the onshore and near-onshore regions of the Niger Delta. The company also operates the Agbami Field, one of Nigeria’s largest deepwater discoveries, and has non-operated interest in the Usan Field.