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Nigeria Oil and Gas Market

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; 2024-2032

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 2023 and is expected to grow at a CAGR of 5.30% between 2024 and 2032, to reach 1.85 MMT in 2032. 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 2024 and 2032, to reach 542 thousand barrels per day in 2032. 

 

nigeria oil and gas market

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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

 

nigeria oil and gas market by segments

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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. 

 

nigeria oil and gas market report

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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

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Sector
Breakup by Sector
  • Upstream
  • Midstream
  • Downstream
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Exxon Mobil Corporation
  • Total Energies SE
  • Nigerian National Petroleum Corporation
  • Shell PLC
  • Chevron Corporation
  • Others

 

*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.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers    
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Nigeria
7    Opportunities and Challenges in the Market
8    Nigeria Oil and Gas Market Analysis

    8.1    Key Industry Highlights
    8.2    Nigeria Oil and Gas Historical Market (2018-2023) 
    8.3    Nigeria Oil and Gas Market Forecast (2024-2032)
    8.4    Nigeria Oil and Gas Market by Sector
        8.4.1    Upstream
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Midstream
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Downstream
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
9    Market Dynamics
    9.1    SWOT Analysis
        9.1.1    Strengths
        9.1.2    Weaknesses
        9.1.3    Opportunities
        9.1.4    Threats
    9.2    Porter’s Five Forces Analysis
        9.2.1    Supplier’s Power
        9.2.2    Buyer’s Power
        9.2.3    Threat of New Entrants
        9.2.4    Degree of Rivalry
        9.2.5    Threat of Substitutes
    9.3    Key Indicators for Demand
    9.4    Key Indicators for Price
10    Competitive Landscape
    10.1    Market Structure
    10.2    Company Profiles 
        10.2.1    Exxon Mobil Corporation
            10.2.1.1    Company Overview
            10.2.1.2    Product Portfolio
            10.2.1.3    Demographic Reach and Achievements
            10.2.1.4    Certifications
        10.2.2    Total Energies SE
            10.2.2.1    Company Overview
            10.2.2.2    Product Portfolio
            10.2.2.3    Demographic Reach and Achievements
            10.2.2.4    Certifications
        10.2.3    Nigerian National Petroleum Corporation
            10.2.3.1    Company Overview
            10.2.3.2    Product Portfolio
            10.2.3.3    Demographic Reach and Achievements
            10.2.3.4    Certifications
        10.2.4    Shell PLC
            10.2.4.1    Company Overview
            10.2.4.2    Product Portfolio
            10.2.4.3    Demographic Reach and Achievements
            10.2.4.4    Certifications
        10.2.5    Chevron Corporation
            10.2.5.1    Company Overview
            10.2.5.2    Product Portfolio
            10.2.5.3    Demographic Reach and Achievements
            10.2.5.4    Certifications
        10.2.6    Others
11    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Nigeria Oil and Gas Market: Key Industry Highlights, 2018 and 2032 
2.    Nigeria Oil and Gas Historical Market: Breakup by Sector (USD Billion), 2018-2023 
3.    Nigeria Oil and Gas Market Forecast: Breakup by Sector (USD Billion), 2024-2032
4.    Nigeria Oil and Gas Market Structure

Key Questions Answered in the Report

The market reached a volume of 1.37 MMT in 2023.

The market is estimated to grow at a CAGR of 5.30% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of 1.85 MMT in 2032.

The market reached a volume of 441 thousand barrels per day in 2023.

The market is estimated to grow at a CAGR of 3.60% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of 542 thousand barrels per day in 2032.

The increasing applications of oil and gas in the gas flaring processes across the country, rising demand for downstream oil and gas products, and increasing investments towards increasing natural gas production, are the major drivers of the market.

The key trends in the market include the increasing penetration of foreign players in the downstream sector, favourable gas flaring commercialisation programmes, and growing expansion of petroleum refineries.

Upstream, midstream, and, downstream are the different sectors of the oil and gas market.

Nigeria’s oil and gas reserves are estimated to be more than 200 times than its annual consumption.

Exxon Mobil Corporation, Total Energies SE, Nigerian National Petroleum Corporation, Shell PLC, and Chevron Corporation, among others, are the key players in the Nigeria oil and gas market, according to the report.

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