Do you want to know the details of the top 10 oil and gas companies in Nigeria?
Right now, in this very piece, we will go through the top ten service providers for the oil business.
It is a well-known fact that the primary source of revenue in Nigeria is oil, and that oil contributes for up to 90 percent of the country’s overall gross domestic product (GDP).
Nigerian crude oil firms earn foreign currency by exporting oil and petroleum products to other nations in Africa and the rest of the world. These nations can be found all over the world.
The foreign exchange market has been hampered, despite the fact that as a result of the economic repercussions of the Coronavirus, the price of a barrel of oil has dropped below zero for the first time in recorded history.
It is important to keep in mind that oil and gas are not just a key source of revenue for Nigeria but also for other countries in the world that have accessible petroleum deposits.
In many of the largest oil and gas servicing firms, employment opportunities can be found in the petroleum industry. As a result, the significance of these businesses simply can not be stressed enough.
Oil firms in Nigeria are the most important industry in Nigeria in terms of functionality, reach, and profitability and the fact that the Nigerian economy is so dependent on oil and gas makes the oil industry a significant asset to the country.
In this article, we will provide you with a rundown of the most important oil businesses in Nigeria with regard to the asset worth they own and the amount of petroleum they produce on a daily basis.
1. Shell Nigeria
Shell is arguably one of the biggest oil and gas companies in Nigeria and the world at large.
Ever since the inception of the company, Shell has been keeping up with the ever-growing energy demands in Nigeria either for domestic and industrial use.
They have always ensured they carry out their operations following the strict health and safety of environmental protection guidelines.
Shell has been in operation in Nigeria for over 50 years now and the company’s investment in Nigerian reserves to carry out offshore, onshore, shallow and deep water oil exploration and production.
They not only excel in oil exploration and production but also in Gas development, delivering the daily gas demands for either domestic or industrial use for electricity.
Shell Nigeria has been able to produce oil of 200,000 barrels per day and also 150 Million standard cubic feet of gas per day through the Bonga field.
They have assets of over 50 oil-producing fields and also more than 5000km of oil and gas pipelines, numerous gas plants to generate electricity, and also two oil export terminals.
The company website is www.shell.com.ng
2. ExxonMobil
This crude oil company needs no introduction as they are well known by almost everyone all over the country.
The company began operations in Nigeria in 1955 and today are the largest oil producers in Nigeria with over 500,000 barrels of crude products produced daily from its over 300 wells.
ExxonMobil operates through a joint venture operation with the Nigerian government-owned NNPC who holds a 60% share and the rest is owned by ExxonMobil.
ExxonMobil majors in oil exploration and production, its transportation all over the country and the world at large, and making sales.
ExxonMobil is a major contributor oil products and special petrochemicals and have also contributed their own quota to electricity in Nigeria through the acquisition of electricity generation facilities. They are also renowned for the funding of extensive research into these respective businesses.
ExxonMobil also place a focus on secondary oil recovery projects in which oil is recovered from the reserves without natural drive but solely through mechanical devices to produce oil.
3. Chevron
Like ExxonMobil, Chevron is also one of Nigeria’s largest daily oil producers.
This fact alone is evidence of the company’s financial power and assets.
They are obviously one of the top oil and gas companies in Nigeria through their heavy investments in Nigeria’s crude reserves.
They also execute operations through a Joint venture with the NNPC for assets in the Niger Delta region which includes offshore and offshore.
The company has a lot of operations in regions all over the Niger delta such as the Agbami field which holds the largest deepwater discovery and also the Usan field which has not been operated yet.
Through the data released by the company in 2018, Chevron produced a total of 200,000 barrels of oil and liquefied petroleum gas and also has produced over 233 million standard cubic feet of gas per day.
Chevron operates a joint-venture arrangement with the NNPC who has a share of 60% of the Proceeds of operations while Chevron takes the remaining 40%.
The company’s website is www.cheveron.com
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4. Total
Total Nigeria was set up and established as a private company in Nigeria in 1956, with a major function of marketing the oil and gas products produced by other major oil and gas companies in Nigeria.
Total is a multinational company with a presence in over 130 countries in the world, so they have enough reach and move products to the majority of countries in the world, with commitments to give sustainable products to its esteemed customers.
The company has been in business in Nigeria for the past 50 years, so they are well experienced on how markets and the oil industry is operated in this part of the continent.
Total is by far the biggest company in the downstream sector which is concerned with getting petroleum products to its final consumers.
Their operations are made easier through their extensive distribution network all over the world, and also over 600 service stations across Nigeria.
The company website is www.total.com
5. Nigeria AGIP Oil Company NAOC
NAOC is among the top oil and gas companies in Nigeria through its operations in both the onshore and offshore areas of the Niger Delta.
The company has 4 subsidiaries such as NAE and AENR.
Through data released by the company in 2018, NAOC has a total daily production rate of 100,000 barrels per day through a developed and underdeveloped area spanning over 31,000 square kilometers.
NAOC has a total of over 40 mining leases that allow them to carry out exploration and production operations in different oil zones in Nigeria.
The company website is www.eni.com
6. Addax Nigeria
Addax Petroleum Nigeria started exploration and production operations in Nigeria over 20 years ago.
They started by signing a joint venture operation with the Nigerian National Petroleum Corporation (NNPC), which included 2 production sharing contracts (PSC).
ADDAX are definitely one of the top oil and gas companies in Nigeria through assets including 11 field complexes, with up to 110 producing wells in total.
The company website is www.addaxpetroleum.com
7. Nigerian National Petroleum Commission NNPC
The Nigerian National Petroleum Corporation (NNPC) is a federal government of Nigeria entity that regulates oil and gas companies in Nigeria.
It was set up in 1977. Aside from its regulatory functions, it also carries out exploratory operations, petroleum products refining, transportation, and marketing to different regions around the country.
NNPC has 4 refineries overall in Nigeria with 2 located in Port Harcourt with one unused, one located in Warri, and the last one in Kaduna. The Warri Refinery has the highest refining capacity of 45,000 barrels per day of petroleum.
The company was further broken down into 12 units carrying out all sorts of operations related to the oil and gas companies in Nigeria.
These operations include exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments.
The individual units of the Nigerian National Petroleum Corporation include:
- Nigerian Petroleum Development Company (NPDC)
- The Nigerian Gas Company (NGC)
- The Products and Pipelines Marketing Company (PPMC)
- Integrated Data Services Limited (IDSL)
- National Engineering and Technical Company Limited (NETCO)
- Hydrocarbon Services Nigeria Limited (HYSON)
- Warri Refinery and Petrochemical Co. Limited (WRPC)
- Kaduna Refinery and Petrochemical Co. Limited (KRPC)
- Port Harcourt Refining Co. Limited (PHRC)
- NNPC Retail
- Duke Oil
The NNPC is also further regulated by the Department of Petroleum Resources (DPR) whose major function is to ensure the NNPC and other oil companies in Nigeria adhere to the regulations of government in their operations.
The company website is www.nnpcgroup.com
8. Equinor
Equinor has been in operation in Nigeria since 1992 and has assumed a noteworthy job in building up the nation’s greatest deepwater field Agbami, using one of the world’s biggest drifting production, stockpiling, and offloading vessels.
It is found 110 kilometers off the Nigerian coast in water profundities of 1,500 meters.
It has been developed utilizing subsea wells and is the world’s biggest coasting production, stockpiling, and offloading (FPSO) vessel.
The FPSO can save to 2.2 million barrels of oil and will be in store for over 20 years.
Equinor likewise works on two exploration licenses—OMLs 128 and 129—with a 53.85% share in both.
Six wells have been bored in both, with two revelations made. While the Nnwa discovery is prevalently gas with some oil, Bilah is a gas and condensate discovery. The two disclosures stay undeveloped today.
The Agbami field, 110 kilometers off the Nigerian coastline, began delivering oil on 29 July 2008.
Today, the field has a normal everyday value production of 48,000 barrels of oil. Complete field holds are evaluated at around 1 billion barrels of oil equivalent.
The company website is www.equinor.com
9. Nexen
NEXEN has a 45% operating stake for the OML130 block found around 150 kilometers off the shoreline of Port Harcourt, Nigeria.
The OML130 block, incorporating 648 square kilometers, is a deepwater venture included four oil fields: Akpo, Egina, Egina South and Preowei.
Akpo – one of the world-class revelations drilled in the OML130 block – has kept up stable net production of 56,000 bbls/d since 2009.
Production from the Egina Field, additionally in the OML130 block, started toward the beginning of January 2019. The Field is found 150 kilometers off the shore of Nigeria in around 1600 meters of water.
The advancement comprises of a Floating Production Storage and Offloading (FPSO) unit and a Subsea Production System.
The undertaking is trusted to arrive at its pinnacle production of roughly 200,000 bbls/d in 2019.
10. Petrobas
Petrobas is a Brazil state-owned oil and gas company but has become very popular in Nigeria.
Although Petrobras is one of the best oil and gas companies in Brazil, it has decided to spread its operations to Africa.
Undoubtedly, the main focus of Petrobas is on oil, gas and alternative energy sources.
The company’s website is www.petrobras.com
List of Top 10 Oil and Gas Companies (Summary)
While it is intriguing to see where oil and gas companies in Nigeria rank, the most important thing to note is that these companies make up a tremendous industry in the country.
Once again, here’s a recap of Nigeria’s top oil companies:
- Shell Nigeria
- ExxonMobil
- Chevron
- Total
- Agip Oil
- Addax Nigeria
- NNPC
- Equinor
- Nexen
- Petrobas
We trust this rundown of top oil and gas companies is useful. Do well to share the post with companions who are keen on this field.
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