Top 5 Oil and Gas Companies in Nigeria 2026 | Best Energy Industry Leaders

The Nigeria oil and gas market reached a volume of 1.44 MMT in 2025 and is projected to grow at a CAGR of 5.30% from 2026 to 2035, attaining a volume of 2.41 MMT by 2035. 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 percent of its foreign exchange and around 50 percent of its budget. Further, policies such as the Decade of Gas Initiative of 2021 are boosting domestic gas consumption, expanding gas infrastructure, raising gas exports, and attracting foreign direct investment into the gas sector.

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The privatisation of the Nigerian National Petroleum Corporation (NNPC) 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 percent 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), anticipated to start up in 2026; Shell's Bonga North (120,000 bbl/d) in 2027; and ExxonMobil's Owowo and Bosi oil developments, expected to begin 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, with the country targeting 1.8 million barrels per day by end of 2026.

Latest Updates on Top Oil and Gas Companies in Nigeria:

In February 2026, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) oversaw the transfer of OLO Oilfield host community obligations from TotalEnergies to Aradel Holdings, marking a significant development in Nigeria's transition toward greater indigenous participation in upstream operations and strengthening local content compliance across the sector.

In February 2026, ExxonMobil committed USD 1.5 billion in investment in Nigeria's deepwater oil fields between 2025 and 2027, reaffirming its long-term commitment to the country's upstream sector. The investment is expected to unlock new deepwater production capacity and support Nigeria's goal of boosting overall crude oil output.

In January 2026, Shell along with partners ExxonMobil, TotalEnergies, Eni, and NNPC began assessing a potential USD 20 billion investment in the Bonga South West deepwater field in Nigeria. The discussion, which included meetings with Nigerian President Bola Tinubu, highlights renewed international oil company confidence in Nigeria's upstream sector.

In January 2026, Chevron announced plans to deploy a new rig in late 2026 following its acquisition of a 40 percent stake in the PPL 2000 and PPL 2001 offshore licenses. The move strengthens Chevron's upstream portfolio in Nigeria and supports the country's ambition to scale up production to 1.8 million barrels per day.

In January 2026, TotalEnergies increased its interest in OPL 257 to 90 percent and announced plans to begin appraisal drilling at Egina South in 2026, signalling continued investment confidence in Nigeria's offshore oil potential despite global energy transition pressures.

In January 2026, NNPC unveiled an ambitious upstream investment drive targeting up to USD 30 billion in new investments by 2030. The strategy focuses on scaling domestic production, expanding gas infrastructure, and attracting foreign partnerships to strengthen Nigeria's position as Africa's leading oil and gas producer.

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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). The company recently committed USD 1.5 billion in investment toward Nigeria's deepwater oil fields between 2025 and 2027, reinforcing its long-term strategic presence in the country's upstream sector.

2. Total Energies SE

Total Energies SE conducts oil and gas exploration and production, natural gas liquefaction, and retail activities in Nigeria. The company has been operating in Nigeria since 1956 and employs over 1,600 people in the country. Further, Total Energies has approximately 540 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. Recent developments include increasing its interest in OPL 257 to 90 percent and plans for appraisal drilling at Egina South in 2026, highlighting its continued commitment to Nigeria's offshore energy potential.

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. NNPC has launched an ambitious upstream investment drive targeting up to USD 30 billion in new investments by 2030, aimed at scaling domestic production, expanding gas infrastructure, and attracting foreign partnerships to strengthen Nigeria's position as Africa's leading oil and gas producer.

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 138 km 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. Shell paid USD 5.34 billion in taxes and other charges to Nigeria in 2024, more than to any other country, and is currently evaluating a USD 20 billion investment along with partners in the Bonga South West deepwater field, signalling its continued commitment to Nigeria's energy sector.

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 percent 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. Chevron has announced plans to deploy a new rig in late 2026 following its acquisition of a 40 percent stake in the PPL 2000 and PPL 2001 offshore licenses, reaffirming its long-term strategic commitment to Nigeria's upstream sector.