Nigeria’s oil industry is among its biggest income sources. More than 95% of the foreign exchange income in Nigeria is from the oil and gas companies in the country. Thus, it is easy to get why these companies are so crucial to their economy. Nigeria is also the biggest sources of oil and natural gas in Africa. The Niger delta basin is one of the world’s leading sources of crude oil. Exploring oil has been a major part of the country since 1903. Since then, this sector has come a long way. It has also seen some of the largest players in the world.
Let’s go ahead and make a list of oil and gas companies in Nigeria and learn more.
Some of these companies are parts of larger international brands.
Many companies started in Africa or just Nigeria too, and we will cover those as well.
CNOOC Petroleum (Formerly Nexen Inc)
The first in our list of crude oil companies in Nigeria is CNOOC Petroleum.
It was formerly known as Nexen Inc.
The company began in Canada in 1971.
It has since grown to a major presence in West Africa.
The first oil production by CNOOC in West Africa was in 2012.
It is estimated that the company produces 20,000 barrels a day.
The company’s Usan floating production, offloading and storage unit is among its largest ones.
It has a capacity of 2 million barrels.
The Usan facility is 100 km off the Nigerian coast.
Its partners are Chevron Petroleum Nigeria Ltd, Total E&P Nigeria Ltd.
And Esso E&P Nigeria for this project.
The CNOOC or the China National Offshore Oil Corp is also planning to invest an additional sum of USD 3 billion in the current oil & gas interests in Nigeria.
CNOOC’s investment stands at USD 14 billion in Nigeria.
They are working with NNPC, the Nigerian National Petroleum Corporation to increase production.
Addax Petroleum Nigeria
Addax Petroleum Nigeria, found in 1994, is one of the largest oil producers in West Africa.
This company is a part of the Sinopec Group.
This group is among the largest producers of oil & natural gas in China.
The major production centres of Addax Petroleum are in Africa and Middle East.
The company has also been closely working with the Nigerian Federal Government since 1998.
If you talk about which is the richest oil company in Nigeria, then Addax will come close.
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Addax is one of the top 5 largest oil companies in Nigeria.
This rank is as per volume produced daily.
Apart from Nigeria, Addax also has fields in Cameroon, Gabon, UK’s North Sea region and Iraq.
They have more than 100 wells in just Nigeria.
The net worth of Addax is close to USD 21 million.
Aiteo Group
Aiteo Group is one of the largest oil and gas companies in Nigeria.
The company was found 12 years ago in 2008.
It is among the main oil and gas companies in Lagos.
Its main interests include the production of oil and gas.
It also has interests in petrol refining, bulk storage and supply, marketing and distribution of power.
Its main storage facilities are in port Harcourt and Lagos.
These include the Abonnema Storage Terminal.
This storage terminal has a capacity above 110 million litres.
Under the Refined Products Exchange Agreement, it is one of the 32 firms that have permits to import petrol.
Apart from oil & gas, it is also among the major players in the Nigerian power sector.
It also owns Aiteo Power & Gas.
This company has some of the largest power plants in Nigeria.
Shell Nigeria
In any list of oil and gas companies in Nigeria, the name of Shell is always among the top ones.
Shell Nigeria makes up over 21% of the country’s petroleum production.
It produces 629,000 barrels daily. Shell Nigeria has over 80 fields.
The company has many divisions through for its vast operations.
Shell has been in Nigeria for more than 60 years.
It is also among the most sought-after employers in the country.
The Shell Petroleum Development Company or SPDC, is Nigeria’s largest fossil-fuel company.
It owns and runs more than 6,000 kilometres of flowlines and pipelines.
It also has 8 natural gas plants and over 1,000 wells.
The Shell Nigeria Oil Products or SNOP is tasked with marketing and distributing various refined petroleum products.
It also has interests in industrial chemicals and lubricants.
Shell also holds a 25.6% share in Nigeria Liquified Natural Gas or Nigeria LNG.
This is a joint venture that produces liquified natural gas.
The Nigerian National Petroleum Corporation owns 49 % of this venture.
When you talk about who owns the oil in Nigeria, there may not be a single answer.
Shell does come the closest to producing and holding most of it.
Exxon Mobil
One of the largest in the list of crude oil companies in Nigeria is Exxon Mobil, 2nd only to Shell.
The firm has 3 subsidiaries in Nigeria, with Mobil Producing Nigeria being the largest of them all.
They have been in Nigeria since 1955.
All the operations of MPN in the country are offshore.
It owns and operates more than 90 platforms spread on an area of 3200 kilometres.
The company is in the business of crude oil & natural gas exploration as well as production.
It is also involved in manufacturing petroleum products as well as transporting and selling natural gas, crude oil and different petroleum products.
The company has many joint venture concessions and contracts for Deepwater production sharing with other Nigerian companies.
It is the major contributors to the national content development in Nigeria.
Nigerian Agip Oil Company Limited
The Nigerian Agip Oil Company Limited is among the largest of oil and gas companies in Nigeria.
This company is a joint venture between some of the biggest players in the sector.
This is part of the larger company Agip or the General Italian Oil Company based in Rome.
The company is a player in automotive gasoline, LPG, diesel, fuel oil and lubricants.
When Agip started operating in Nigeria, it offered the country’s government to take part in these operations if it made a commercial finding.
This was the first of foreign oil and gas companies in Nigeria to take a step like that.
The company has witnessed a lot of growth in Nigeria since.
It has also spread into 2 more subsidiaries in Nigeria, including the AENR or Agip Energy & Natural Resources found in 1980.
The 2nd subsidiary found in 1996 was the NAE or the Nigerian Agip Exploration.
Both these firms have been tasked with focusing on shallow water and deep offshore areas.
Chevron Nigeria Limited
One of the largest oil and gas producers in Nigeria the Chevron Corporation’s Chevron Nigeria Limited.
Many people know Chevron Nigeria Limited by its former name, Gulf Oil Company.
Post their merger activities this name was changed to Chevron Nigeria Limited.
The current assets of Chevron Nigeria Limited are a result of its merger with Texaco’s Overseas Petroleum Company.
After Shell and Mobil, Chevron was the largest of oil and gas producers in Nigeria.
However, militancy in the Niger Delta has affected that.
However, the firm still is a major producer of gas and petroleum products.
At its peak, Chevron’s oil production in Nigeria stood at 40,000 barrels in a day.
Current plans are to bring this figure up to 600,000 barrels.
This is equal to 95,000 cubic meters in a day.
Their fields are in offshore shallow waters and the Warri region.
This lies to Niger river’s west.
TotalEnergies
TotalEnergies is a French intercontinental integrated oil and gas company founded in 1924 with operations in more than 130 countries.
It is the fifth-largest public oil and gas entity in the world.
The company has been present in Nigeria since 1968 and is currently the country’s leading oil producer.
TotalEnergies is one of the largest oil & gas companies in Nigeria with a daily barrel production of over 200,000 barrels.
The company has a strong focus on safety and environmental protection, and maintains its commitment to provide customers with the absolute highest quality products and services.
Amni International Petroleum Development Company Limited
One of the largest independent oil and gas exploration firms in Nigeria is the Amni International Petroleum Development Company Limited.
Since 1993, it has been a major name in offshore oil and gas drilling, pipeline systems and subsea flow line transportation.
It owns and operates 2 offshore blocks in Nigeria for oil production.
Its headquarters are in Lagos, Nigeria. Amni has been in this industry in Nigeria for more than 26 years.
Amni is also one of the founding members of the NAIPEC.
NAIPEC is the Nigerian Association of Indigenous Petroleum Explorers and Producers.
NAIPEC’s main role is to engage with the country’s government for the indigenous oil and gas companies.
It is also one of the founders of NAPE or the Nigerian Association of Petroleum Explorationists.
NAPE is helps professionals in the oil and gas industry develop.
In 2018, Amni completed work on a USD 260 million facilities.
The company got support from Shell and GTB.
It aimed to consolidate all operations and new developments from all sites to the wells situated in Okoro Field
South Atlantic Petroleum
South Atlantic Petroleum or SAPETRO is a private oil and gas company in Nigeria.
Its assets and operations are across the West African region.
They have interests in deepwater OPL 246 and IML 130.
SAPETRO’s current production rate is close to 200,000 barrels of oil per day.
Their storage capacity is 2.3 million barrels.
It is an oil and gas exploration as well as production firm.
They also own areas in Seme Oilfield. Apart from West Africa, they also have holdings in East Africa.
These include deepwater blocks along the Mozambique Channel and areas in Madagascar.
Apart from the oil & gas sector, SAPETRO is also the 2nd biggest acreage holder across South and East Africa.
It is on the way to being one of the largest hydrocarbon-product firms in the region.
Statoil (Equinor ASA)
Statoil is the largest Norwegian oil firm globally.
It has had a presence in Nigeria since the 1990s.
It is the company that was responsible for the exploration of the Agbani project in Nigeria.
Apart from oil exploration and production, Statoil also has interests in laying pipelines across the African region.
It also works in natural gas trading and procurement.
Statoil is one of the few oil and gas companies in Nigeria that are working to lead the way in research and development of this sector.
Conoil
Conoil PLC is a Nigerian oil & gas exploration and production company.
The company started operations in 1998 and its headquarters are in Lagos, Nigeria.
Conoil PLC operates in two segments: Upstream and Downstream.
The Upstream segment undertakes in the exploration, development, as well as production of crude oil and natural gas.
The Downstream segment refines crude oil into petroleum products and markets and distributes these products.
Oando PLC
Oando PLC is a Nigerian oil and gas company that started operations in 2002.
The company has its origins in the merger of two smaller companies, Oceanic Exploration and Development Company Limited and Agip Nigeria Limited.
Oando PLC is now one of the prime oil and gas companies in Nigeria, with a strong presence in the upstream, downstream, and midstream sectors of the industry.
The company has a widely diversified portfolio of assets and operations, which makes it well-positioned to capitalize on opportunities in the Nigerian oil and gas sector.
Hardy PLC
This is a leading oil and gas company in Nigeria with a strong commitment to safety, social responsibility, and sustainable development.
The company has a long history of exploration and production in Nigeria and is one of the country’s largest oil and gas producers.
The company lists on the London Stock Exchange and is an element of the FTSE 250 Index.
Hardy’s primary operations are in Nigeria, but the company also has assets in the United Kingdom, Gabon, and Equatorial Guinea.
