Report Coverage
This report on the petroleum industry in Nigeria includes information on the state and size of the upstream, downstream and gas subsectors, infrastructure, economic contribution, reserves, production, consumption, wholesale, retail and distribution. There is information on new projects, investment, corporate actions and developments. There are profiles of 41 notable companies including state-owned Nigerian National Petroleum Corporation (NNPC), which is a major commercial player, multinational majors such as Chevron, Shell, TotalEnergies and ENI, local downstream companies such as Matrix Energy, Northwest Petroleum & Gas, Swift Oil, Mainland Oil & Gas, Optima Energy Resources, Ashrami Synergy and Pinnacle Oil & Gas, and companies operating in the gas sector such as NIPCO and Techno Oil.
The Petroleum Industry in Nigeria
While Nigeria remains one of the biggest oil producers in Africa, crude oil production has declined in recent years due to underinvestment, sabotage, and oil theft, which experts estimate accounts for about 10% to 20% of the country’s oil production. Oil production increased in the first quarter of 2023, but production is lower than the average in 2021. The country relies on imports for almost all its fuel needs, as all four state-owned refineries remain shut for maintenance. The Dangote refinery, the continent’s largest refinery, was commissioned in May 2023, and is expected to help reduce the country’s reliance on fuel imports once it comes fully online.
Developments
In May 2023, the government removed a fuel subsidy which had made the country’s petrol one of cheapest in the world, but which resulted in significant wastage. Government spending on the fuel subsidy amounted to about 2% of GDP and was equivalent to a third of oil revenues in 2021. The petrol price effectively doubled after removal of the subsidy. The Petroleum Industry Act, enacted in 2021, is expected to help deregulate the downstream sector and encourage more investment in oil production. The government is also looking to promote natural gas as a transition energy, which could result in liquid natural gas (LNG) production being ramped up.
The Petroleum Industry in Nigeria
2023
Full Report
R 20 000.00(ZAR) estimated $1068.03 (USD)*
Industry Overview
R 14 000.00(ZAR) estimated $ 747.62 (USD)*
Table of Contents
[ Close ]| PAGE | ||
|---|---|---|
| 1. | INTRODUCTION | 1 |
| 2. | COUNTRY INFORMATION | 1 |
| 3. | DESCRIPTION OF THE INDUSTRY | 3 |
| 3.1. | Industry Value Chain | 5 |
| 3.2. | Geographic Position | 7 |
| 3.3. | Size of the Industry | 9 |
| 3.4. | Key Trends | 18 |
| 3.5. | Key Issues | 18 |
| 4. | LOCAL | 19 |
| 4.1. | State of the Industry | 19 |
| 4.2. | Key Trends | 28 |
| 4.3. | Notable Players | 33 |
| 4.4. | Trade | 39 |
| 4.5. | Corporate Actions | 42 |
| 4.6. | Regulations | 44 |
| 4.7. | Enterprise Development and Social Economic Development | 49 |
| 5. | AFRICA | 50 |
| 6. | INTERNATIONAL | 54 |
| 7. | INFLUENCING FACTORS | 56 |
| 7.1. | Economic Environment | 56 |
| 7.2. | Labour | 57 |
| 7.3. | Environmental Issues | 58 |
| 7.4. | Technology, Research and Development (R&D) and Innovation | 60 |
| 7.5. | Input Costs | 62 |
| 7.6. | Pricing | 63 |
| 7.7. | Local Content | 63 |
| 7.8. | Gas Flaring | 65 |
| 7.9. | Corruption | 65 |
| 7.10. | Theft, Sabotage and Security | 66 |
| 7.11. | Safety | 69 |
| 8. | COMPETITIVE ENVIRONMENT | 69 |
| 8.1. | Competition | 69 |
| 8.2. | Ownership Structure of the Industry | 70 |
| 8.3. | Barriers to Entry | 71 |
| 9. | SWOT ANALYSIS | 71 |
| 10. | OUTLOOK | 72 |
| 11. | INDUSTRY ASSOCIATIONS | 72 |
| 12. | REFERENCES | 73 |
| 12.1. | Publications | 73 |
| 12.2. | Websites | 75 |
| APPENDICES | 77 | |
| Appendix 1 - Summary of Notable Players | 77 | |
| COMPANY PROFILES | 80 | |
| 11 PLC | 80 | |
| A. A. Rano Nigeria Ltd | 83 | |
| A.Y.M. Shafa Holdings Ltd | 85 | |
| AIPCC Energy Ltd | 87 | |
| Amni International Petroleum Development Company Ltd | 89 | |
| Aradel Holdings Plc | 91 | |
| Ardova PLC | 94 | |
| Asharami Synergy Plc | 96 | |
| Azikel Group Ltd | 98 | |
| BOVAS and Company Ltd | 100 | |
| Chevron Nigeria Ltd | 102 | |
| CNOOC Ltd | 104 | |
| Conoil PLC | 106 | |
| Danmarna Petroleum Ltd | 108 | |
| Emadeb Energy Services Ltd | 109 | |
| Eni SpA | 111 | |
| Equinor ASA | 119 | |
| Heyden Petroleum Ltd | 125 | |
| Mainland Oil & Gas Company Ltd | 127 | |
| Masters Energy Oil and Gas Ltd | 129 | |
| Matrix Energy Ltd | 131 | |
| MRS Oil Nigeria PLC | 133 | |
| Nepal Energies Ltd | 136 | |
| Nigeria LNG Ltd | 138 | |
| Nigerian National Petroleum Company Ltd | 141 | |
| NIPCO PLC | 145 | |
| Northwest Petroleum and Gas Nigeria Ltd | 148 | |
| Omsa Pillar Astex Company Ltd | 150 | |
| Optima Energy Resources Ltd | 151 | |
| Oriental Energy Resources Ltd | 153 | |
| Pinnacle Oil & Gas Ltd | 154 | |
| Quest Oil Group Ltd | 156 | |
| Rainoil Ltd | 157 | |
| Seplat Energy PLC | 159 | |
| Shell PLC | 162 | |
| South Atlantic Petroleum Ltd | 170 | |
| Swift Oil Ltd | 172 | |
| Techno Oil Ltd | 174 | |
| TotalEnergies Marketing Nigeria PLC | 176 | |
| Waltersmith Petroman Oil Ltd | 179 | |
| West African Exploration and Production Company Ltd | 181 |
