When it comes to the oil and gas industry in Nigeria, there are a few names that stand out. These companies not only provide jobs and fuel for the country, but they are also leading the way in innovation and change.
In this article, we will explore the history of the top 10 oil and gas companies in Nigeria and give a brief overview of each company. Whether you’re looking for insight into the energy sector or simply want to know more about the leading players, this article is here to help you out.
So if you’re ready, let’s delve into some of Nigeria’s top oil and gas companies. From market leaders to newcomers, this is a complete guide to understanding which names dominate the industry.
Overview of the Nigerian Oil and Gas Industry
Nigeria is one of the couple African countries that have developed and maintained an oil and gas industry. With massive investments from both local and international companies, the industry has grown to become a major contributor to the nation’s economy.
The top 10 oil and gas companies in Nigeria are involved in a wide range of activities, ranging from exploration and production through refining, transport, storage and marketing of petroleum products. These firms produce a variety of crude oils, natural gas, lubricants, petrochemicals and various other products.
These companies are well known for their safety records as they hold top-notch safety standards while also investing heavily in research and development initiatives to ensure they remain up to date with the latest technologies. As such, they are able to keep production costs low while delivering high-quality products that meet global standards.
Top 10 Oil and Gas Companies in Nigeria
Nigeria is one of the largest exporters of oil and gas in the world, and its top 10 oil and gas companies are a major part of this industry. These companies produce large quantities of crude oil, natural gas, and other petroleum products, making them some of the most profitable businesses in the country. From exploration to production, refining to transport, these companies have invested billions in their operations and made a huge impact on Nigeria’s economy.
Let’s take a look at the top 10 oil and gas companies in Nigeria:
ExxonMobil has been around for over a hundred and forty years! All the way back in 1882, the company was known as the Standard Oil Company of New Jersey. It was formed on November 30, 1999, by the merger of Exxon and Mobil, both of which are used as retail brands, alongside Esso, for fueling stations and downstream products today. Now, it is one of the leading oil and gas companies in Nigeria.
ExxonMobil plays an important role in driving a sustainable energy future for Nigerians by providing employment opportunities through its expansive upstream and downstream operations. It also supports local communities through capacity-building and training initiatives, aiming to foster economic growth.
ExxonMobil is renowned for its reliability, quality products, and ability to meet customers’ needs with efficiency. Their portfolio includes natural gas production, crude oil production, refining of crude oil into petroleum products like gasoline and diesel, marketing of those products at home and abroad, as well as investing in research and development to create innovative solutions for customers.
Headquarters: Irving, Texas, USA
Chevron Corporation was founded on September 10, 1879; it is an American multinational energy company. They specializes mostly in oil and gas; It is the second-largest direct descendent of Standard Oil, formerly known as the Standard Oil Company of California (shortened to Socal or CalSo); it is headquartered in San Ramon, California, and operates in more than 180 countries. Chevron is vertically integrated within the oil and gas industry and is involved in hydrocarbon exploration, production, refining, marketing, and transport, as well as chemical manufacturing and sales, as well as generating power.
Headquarters: San Ramon, California, USA
Equinor ASA was Established in 1972; this Norwegian-based energy giant has its roots in the industry dating back to the late 19th century.
The largest oil company in Norway by revenue is Equinor ASA, formerly known as Statoil and StatoilHydro. Since its establishment in Nigeria in 1992, the company has had a substantial impact on the development of Agbami, the country’s largest deep-water field.
More than US$3.5 billion has been invested in Nigeria by Equinor; it also owns a 20.21% share in the Agbami oil field, making it one of the nation’s largest providers of refined goods. Prime 127 owns a 12.49% ownership in this oil field, and Chevron, the operator, owns the remaining 67.30%.
Headquarters: Stavanger, Norway
Shell Energy Nigeria
When you think about oil and gas companies in Nigeria, one of the first names that come to mind is Shell Energy Nigeria. This giant global energy company has a long and storied history in the country, stretching back over a century.
Shell was first granted a permit to explore oil in Nigeria in 1937, but their work began even earlier than that. In the early 1900s, Royal Dutch Shell worked together with Robert Whyte & Co. Ltd to explore and develop Nigerian oil fields, making Shell one of the oldest and biggest players in the country’s oil industry.
Since then, Shell has continued to grow its operations in Nigeria, becoming a major player in the country’s economy and culture. They are now involved in the exploration, production and transportation of oil and gas as well as related products like petrochemicals.
Shell Energy Nigeria has four subsidiaries in Nigeria, namely:
- The Shell Petroleum Development Company of Nigeria joint venture (SPDC JV)
- Shell Nigeria Exploration and Production Company (SNEPCo)
- Shell Nigeria Gas (SNG)
- Nigeria LNG Limited (NLNG)
Headquarters: Rivers, Nigeria
Nigerian Agip Oil Company (NAOC)
Nigerian Agip Oil Company (NAOC) is one of the oldest and most prominent oil exploration and production companies in Nigeria. Through its subsidiaries NAOC, NAE, and AENR, Eni, an integrated energy firm with its headquarters in Italy, operates both onshore and offshore in the Niger Delta. Nigerian Agip Oil Company is a subsidiary of Eni and has been operating since 1962.
Headquarters: Rome, Italy
Nexen Petroleum Nigeria Limited
Nexen Petroleum Nigeria Limited is a subsidiary of CNOOC, an international energy company based in China with headquarters in Beijing. It started in 1971 as Canadian Occidental Petroleum (CanOxy) and was 80% owned by Occidental Petroleum, an oil company based in Los Angeles.
Nexen Petroleum Nigeria Limited is certainly one of the biggest players in the Nigerian oil and gas industry and looks set to continue its impressive growth trajectory for years to come.
Headquarters: Calgary, Alberta, Canada
Hardy Plc is one of the oldest operators in Nigeria and has a long history of producing oil and gas with quality and reliability. It was founded in 1997.
Hardy Plc was originally incorporated in the Isle of Man under the name Jehan Energy Limited and was renamed Hardy Oil and Gas Limited in 2001 and later converted to a public company in 2005.
Today, Hardy is focused on robustly growing its reserve base by leveraging its existing assets while developing new projects to ensure continued growth and sustainability.
Headquarters: London, United Kingdom
TotalEnergies SE is a French multinational integrated energy and petroleum firm established in 1924. Its operations span the full value chain for oil and gas, from the discovery and extraction of crude oil and natural gas to the creation of electricity, the movement of petroleum products, refining, and marketing those products internationally. They are a significant producer of chemicals.
Total was established in Nigeria in 1956 with the creation of Total Oil Products Nigeria for the distribution of petroleum products.
Since its commencement of operations, TotalEnergies has explored and developed various oil fields in the country and today is one of the largest oil producers in Nigeria.
In addition to other investments, TotalEnergies provides employment opportunities for more than 3,000 Nigerians, making it one of the most impactful companies in Nigeria’s oil and gas industry.
Headquarters: Courbevoie, France
South Atlantic Petroleum (SAPETRO)
South Atlantic Petroleum is a Nigerian oil and gas exploration and production company; its chairman is General Theophilus Danjuma. SAPETRO has a share in the development of the Akpo deepwater field off the coast of Port Harcourt. It was founded in 1995.
SAPETRO is now one of Nigeria’s leading oil and gas companies, with operations across the country, focusing on the exploration, production, marketing and export of petroleum products. They are also involved in refining operations.
Headquarters: Odeku Street, Lagos, Nigeria
Addax Petroleum was founded in 1994, and since August 2009, it has been a subsidiary of the Sinopec Group, one of the largest oil and gas producers in China, the biggest oil refinery in Asia and the third largest worldwide. It began operation in Nigeria in 1998.
Today, Addax Petroleum’s presence continues to be felt in Nigeria with several offshore projects like Egina FPSO, Akpo Deepwater Oil Field Development Project and Okwok Field Development Project that are positioned around the nation’s coastlines.
Headquarters: Beijing, China
It is clear from this overview that the oil and gas industries in Nigeria are immense, diverse and influential. The number of oil and gas companies in the country is an indication of the potential that exists to generate more wealth and create more jobs. Nigeria remains an attractive location for oil and gas investment due to the prevalence of natural gas and petroleum reserves, the stability of the government, and the rich cultural and economic environment.
The top 10 oil and gas companies in Nigeria, as discussed above, are a valuable part of the country’s economy. They are highly competent in their core business operations and are well-positioned to take advantage of the many opportunities available. As such, they provide an excellent source of investment for individuals and organizations who wish to get involved in the industry.