Nigeria Oil and Gas Market Share, Size, Trends, Growth, Analysis, Statistics, Opportunities, Forecast: By Sector: Upstream, Midstream, Downstream; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028

Nigeria Oil and Gas Market Outlook

In the Nigeria oil and gas market, the market for gas attained a volume of 1.37 MMT in 2022 and is expected to grow at a CAGR of 5.30% between 2023 and 2028, to reach 1.85 MMT in 2028. 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 2023 and 2028, to reach 542 thousand barrels per day in 2028. 

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Key Trends in the Market

Oil and gas refer to the mining and refining of crude oil and natural gas, converting them into useable petroleum products. The production of oil and gas is a multi-stage process which includes discovering, transporting, and turning them into finished products which are then sold to various sectors. Oil and gas are formed natural from organic materials that have accumulated, broken down, and transformed over a period of millions of years. 

• The increasing investments towards increasing the natural gas production in the country, to maximise the output of residential and commercial sector operations are driving the growth of the market and expanding the Nigeria oil and gas market size.

• The growing penetration of foreign players in the downstream segment of oil and gas in Nigeria is likely to be a major trend in the market. More Nigeria oil and gas companies are expected to cultivate cooperation and innovative strategies to enhance the supply and quality of downstream oil and gas products.

• According to the Nigeria oil and gas industry analysis, the increasing application of oil and gas in gas flaring processes across the country is further fuelling the market growth. Additionally, the favourable gas flaring commercialisation programmes are expected to provide impetus to the Nigeria oil and gas market in the coming years.

• Over the forecast period, the anticipated increase in expansion of petroleum refineries in Nigeria is likely to generate a high demand for oil and gas.

Market Analysis

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Based on sector, the Nigeria oil and gas market is segmented into upstream, midstream, and, downstream. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Nigeria oil and gas market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Exxon Mobil Corporation

• Total Energies SE

• Nigerian National Petroleum Corporation

• Shell PLC

• Chevron Corporation

• Others

Market Share by Sector

The downstream segment, based on sector, is on its way towards reaching its full potential, accounting for a significant share of the oil and gas market in Nigeria. This can be attributed to the increasing investments towards petroleum product refining, marketing, storing, and distributing to maximise the reach of the downstream products. However, inappropriate product pricing, irregular gas supply, and non-functional refineries, are some of the factors which may negatively influence the Nigeria oil and gas market price. Oil and gas are crucial for the production various downstream components such as kerosene, heating oil, lubricant, LPG, and wax, among others, which are gaining traction in the commercial and residential Nigerian markets. 

Meanwhile, the upstream segment is expected to occupy a healthy portion of the Nigeria Oil and Gas market share in the forecast period. Upstream production of oil and gas is necessary for providing raw materials to the downstream sector to bolster the supply chain and enhance production capacities across refineries. 

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Competitive Landscape

Exxon Mobil Corporation is a leading natural gas company which caters to the energy demands of various sectors across the world. This company discovers, produces, and sells crude oil, natural gas, petroleum products, and various oil and gas-related resources. It was founded in the year 1999 and is headquartered in Texas, United States.

Total Energies SE is a petroleum company which explores and produces oil and gas, renewable energies, bioenergies, electricity, refining and petrochemicals, specialty chemicals, and trading and shipping services, among others. The company was established in the year 1924 and is currently headquartered in Courbevoie, France. 

Nigerian National Petroleum Corporation is a for profit oil company based in Abuja, Nigeria. The company was founded in the year 1977 and currently is one of the largest oil producers and suppliers in Africa. The services offered by the company include upstream and downstream oil and gas products, gas and power, new energy, and non-energy services, among others. 

Other market players include Shell PLC, and Chevron Corporation, among others.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.