Being an oil producing nation, Petroleum and petrochemical products are Nigeria’s number one resource. They account for the bulk of revenue coming into through exportations.
As such, there is no shortage of oil and gas industries across the country, some foreign, other’s indigenous. Around 95% of oil and gas exploration operations in the country are done under a joint venture between the Federal Government of Nigeria – under the umbrella of the Nigerian National Petroleum Commission (NNPC) – and Foreign Multi-national Establishments.
The remaining 5% of exploration activities is carried out by indigenous oil and gas firms within the country. Here in this article, we’ll be profiling the most popular oil and gas establishments – both foreign and indigenous – in Nigeria.
Shell petroleum development company of Nigeria limited, also know known as Shell Nigeria, is said to be the largest oil and gas company in Nigeria.
They reportedly account for 30% of the petroleum production in Nigeria and are said to have a net worth of around $213.1 billion.
They have more than 100 oil fields, operate 2 coastal oil export terminals (Bonny and Forcados terminal – storage capacity of 13 million barrels), as well as having a network of more than 6,000 kilometres of pipeline passing through 87 flowstations.
They began their oil exploration operations in Nigeria in 1937, and discovered the first oil field at Oloibiri in Delta state in 1956. Aside the SPDC, they also own Shell Nigeria Gas (SNG), Shell Nigeria Exploration and Production Company (SNEPCO) and Shell Nigeria oil products (SNOP).
2. Chevron Nigeria limited
The third largest oil and gas company in Nigeria, Chevron Nigeria Limited is a joint venture between NNPC (60%) and Chevron (40%) for the onshore and offshore operations in the Niger Delta.
They are said to operate one of the largest deep water discoveries in Nigeria – The Agbami field. They also produce about 224,000 barrels of crude oil and 246 million cubic feet of natural gas, as well as 6,000 barrels of liquefied petroleum gas daily.
They own the Escravos terminal in Delta state, which has a storage capacity of 3.6 million barrels. The have a net worth of $253.706 billion.
Founded in 1999 through the merging together of Exxon and Mobil, ExxonMobil is an American based company with headquarters in Irving, Texas. They are said to be the second largest oil and gas company in Nigeria. Mobil Producing Nigeria Unlimited (MPNU) is a joint venture owned by ExxonMobil in Nigeria and they have one petroleum exporting terminal – Qua ibom terminal in Akwa ibom state.
The headquarters of Mobil Producing Nigeria Unlimited is in Eket. ExxonMobil are also said to have a net worth of about $400 billion.
Total is a multinational energy company with it’s operations in 130 countries. They began operations in Nigeria in 1962 under a joint venture with the NNPC as Total Petroleum Nigeria Limited.
They have a staff strength of around 1,700 personnel in Nigeria, with about 500 servicing stations across the country. Aside oil exploration/production, they are also involved in power generation and chemical production. They have a net worth of $120.2 billion.
5. Nigeria agip oil company limited (naoc)
Agip, as it is popularly known, is a joint venture of several oil and gas companies in Nigeria – NNPC, Conoco Phillips, and Agip. They own and operate the brass terminal in Port Harcourt which has a storage capacity of 3,658,000 barrels.
6. Conoco Phillips
Another multinational oil and gas company with it’s headquarters in Houston, United States, and with oil exploration operations in Nigeria, Conoco Phillips is a major player in the oil and gas sector in the country. With operations in over 17 countries, they’re among the largest oil producers in the globe and are also said to be the largest independent energy company based on production and proved reserves.
7. Texaco oversea petroleum company of Nigeria limited
Texaco Nigeria limited is a joint venture between NNPC (60%), Texaco (20%), and Chevron (20%). They are one of the largest oil and gas companies in Nigeria and have their export terminal at the Pennington terminal. They produce about 60,000 barrels of oil per day.
8. Stat oil
With a net worth of over $155.5 billion, Stat oil is the biggest Norwegian company in the world, and the 21st largest oil and gas company in the world according to Forbes.
They have a presence in over 36 countries across Europe, North America and Africa – including Nigeria. They began oil exploration in the country in the early 1990s and are responsible for the Agbani exploration project in the country.
9. Hardy oil and gas
Based in the UK, with it’s headquarters in London, and with a net worth of £67 million, Hardy oil and gas is among the top oil and gas firms in Nigeria.
They currently operate the onshore assets in Atala and Oza, alongside the Bayelsa oil company limited and the Millennium oil and gas company. They hold 20% interest in the Atala and Oza onshore assets.
10. Nexen inc.
Based in Canada and Columbia, Nexen inc is a Chinese owned company in Nigeria under CNOOC Limited, with main assests in offshore projects in Nigeria. They are also into deep water explorations in the country, and have a net worth of about $333 million.
11. Addax petroleum
Established in 1994, Addax are a subsidiary firm known as Sinopec group which is among the largest oil and gas producers in China. Over the years, they have grown into an international oil and gas giant with exploration operations in the Middle East, Africa and the North sea.
They have predominant offshore and onshore assets in Gabon, Cameroon and Nigeria. They began exploration operations in Nigeria in 1998 by signing two Petroleum sharing contracts (PSCs) with the Nigerian National Petroleum Corporation (NNPC). Currently they have 11 field complexes, as well as 80 production wells.
A Brazil state owned oil and gas company, Petrobras was founded on October 3, 1953 and began oil exploration activities on the Brazilian continental shelf, eventually becoming the fist oil firm to discover the first offshore oil field in Brazil in 1969.
They also discovered the Brazilian pre-salt coast and brought a new horizon to the oil industry worldwide. They have since spread their wings globally, and have grown to be one of the largest oil and gas firms in Nigeria.
Read Also: 25 top oil and gas companies in Nigeria
13. Forte oil
Incorporated on December 11, 1964 as British petroleum Nigeria limited, Forte oil has since grown from a private limited liability company company to become one of the largest public limited liability companies in the country. \
They are an indigenous oil and gas firm in Nigeria operating majorly in the downstream sector of the oil and gas industry in the country, with a strategic network of around 500 retail outlets across the nation.
They’re also involved in power generation through the power division of the firm – Amperion power distribution company.
14. Seplat petroleum
Seplat was established in 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited to specifically pursue upstream oil and gas opportunities in Nigeria. They are located in the Western Delta basin of Edo and Delta states.
Their portfolio currently comprises of six oil blocks – direct interests in five blocks in the Niger Delta area, four of which are operated by Seplat, and one further revenue interest.
Said to the leading independent oil and gas exploration and production company in Nigeria, Conoil was incorporated in Nigeria in 1984 under the name Consolidated Oil and Gas Nigeria Limited, and was subsequently changed to Conoil production limited. Their principal activities are exploration, production and sales of crude oil.
16. Oando PLC
One of Africa’s largest integrated energy solutions provider, the Oando group of companies comprises of companies currently leading the continent in oil and gas.
They are; Oando energy resources, Oando trading, and OVH energy. They have service stations is Nigeria, Ghana, Togo and Benin Republic, as well as a primary listing on the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE).
Nestoil started out as the oil and gas arm of the Obijackson group in 1991. Their original focus was blending and marketing of petroleum products.
However, over time they have reinvented themselves as an Engineering, Procurement, Construction and Commission (EPCC) services company in the oil and gas industry.
They were in charge of the project to rebuild Shell’s waste treatment plant in Edjeba, Delta state, as well as handling the Opokushi flowstation upgrade works and the Otumara flow station Debottlenecking train works.
18. Mrs oil Nigeria PLC
MRS oil started marketing petroleum products I’m Nigeria in 1915 under the brand name Texaco. Over the years, the firm has grown to become one of the largest and leading marketer of refined products including gasoline, marine and aviation fuels in the downstream industry in Nigeria.
They market their fuels across 416 retail service stations spread across Nigeria. They also have lubrication brands – Stallion and premium motor oil.
Nigeria LNG limited is a liquefied natural gas (LNG) company/plant located on Bonny island, Nigeria. They were incorporated as a limited liability company on 17 may 1989, to produce liquefied natural gas and natural gas liquids (NGL) for exports.
They operate 6 liquefaction units, and produce 22 million metric tonnes of liquefied natural gas per year (roughly 10% of the world’s LNG consumption).
The Nigerian national.petroleum commission is the state owned oil corporation established on April 1 1977. In addition to its exploration operation, the corporation also carries out refining, marketing, and transportation of petrochemical products.
Between 1978 and 1989, they constructed refineries in Warri, Kaduna and Port Harcourt, and also took over the 35,000 barrel Shell refinery in Port Harcourt in 1965.
If there is one thing Nigeria is not in short supply of, it is the number of oil and gas establishments in the country – thanks in no small part to the country’s abundance of oil resources. We hope this article has been helpful in informing you about some of this oil and gas firms.
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