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In the Nigeria oil and gas market, the market for gas attained a volume of 1.37 MMT in 2023 and is expected to grow at a CAGR of 5.30% between 2024 and 2032, to reach 1.85 MMT in 2032. Meanwhile, the Nigeria oil market attained a volume of 441 thousand barrels per day and is expected to grow at a CAGR of 3.60% between 2024 and 2032, to reach 542 thousand barrels per day in 2032.
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Oil and gas refer to the mining and refining of crude oil and natural gas, converting them into useable petroleum products. The production of oil and gas is a multi-stage process which includes discovering, transporting, and turning them into finished products which are then sold to various sectors. Over the forecast period, the anticipated increase in expansion of petroleum refineries in Nigeria is likely to generate a high demand for oil and gas.
The increasing investments towards increasing the natural gas production in the country, to maximise the output of residential and commercial sector operations have led to Nigeria oil and gas market development. Moreover, the increasing application of oil and gas in gas flaring processes across the country is further fuelling the market growth. Additionally, the favourable gas flaring commercialisation programmes are expected to provide impetus to the market in the coming years.
Offshore oil and gas exploration activities, technological advancements in the upstream sector, and development of natural gas infrastructure are augmenting the Nigeria oil and gas market growth
May 2024
Seplat Energy Plc has announced a drilling program for 2024 to deliver 13 new oil and gas wells across its operated and non-operated assets. Three of the new wells, Ovhor-22, Sapele-38, and OBEN KIKB-02, are expected to be completed by July 2024, highlighting the potential of the oil and gas market in Nigeria.
March 2024
Savannah Energy has invested USD 60 million to acquire full control of Stubb Creek in Nigeria, following agreements with Chinese and Nigerian players. This acquisition underscores the competitive landscape and the growing interest of international players in Nigeria's oil and gas industry.
March 2024
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the New Energy Transfer Group from Poland have partnered to develop sustainable energy solutions. The collaboration will focus on areas such as solar, wind, and bioenergy, as well as energy storage and distribution.
February 2024
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Data Protection Commission (NDPC) have partnered to enhance data management and protection in the oil and gas sector.
Development of natural gas infrastructure
There is a growing focus on investments in natural gas infrastructure in Nigeria, such as gas processing facilities, gas-to-power projects, and pipelines. This is driven by the country's large natural gas reserves and the shift towards gas as a cleaner transition fuel.
Offshore oil and gas exploration and production
Nigeria offshore oil and gas market share continues to increase due to favourable government incentives and policies as well as interest from international oil and gas companies. Major projects like the Egina ultra-deep offshore field are being developed.
Expansion of downstream sector
Nigeria is working to develop its downstream sector, including plans for large-scale refineries like the Dangote refinery, to reduce reliance on imported refined products and become a regional refining hub. This presents opportunities for foreign firms to provide equipment and services.
Marginal field development
Nigeria is encouraging investments in the development of marginal oil fields, which have an average economic life of 8-15 years and can produce 4,000-10,000 barrels per day. This is part of efforts to increase the country's oil reserves, thus aiding the Nigeria oil and gas market.
Technological advancements in the upstream sector
The upstream sector has seen significant technological progress in areas like seismic imaging, drilling techniques, and reservoir modelling, enabling access to previously inaccessible reserves and enhancing production rates.
Market players in Nigeria are actively engaged in offshore oil and gas exploration and production. Notable projects like the Egina ultra-deep offshore field, operated by TotalEnergies, showcase the industry's focus on tapping into deepwater reserves for increased production capacity and reserves replenishment.
Significant investments are being made in natural gas infrastructure in Nigeria, which can positively shape the Nigeria oil and gas market outlook. For instance, the Nigeria LNG Limited (NLNG) operates one of the world's largest gas liquefaction plants in Bonny, highlighting the country's commitment to developing its natural gas resources for domestic consumption and export.
Additionally, Nigeria is encouraging investments in the development of marginal oil fields to increase its oil reserves and production capacity. Companies like Seplat Petroleum have successfully developed marginal fields, demonstrating the potential for smaller fields to contribute significantly to the country's oil output and energy security.
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The EMR’s report titled “Nigeria Oil and Gas Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segment:
Nigeria Upstream Oil Market Breakup by Extraction
Nigeria Downstream Oil and Gas Market Breakup by Type
Upstream and downstream sector contributes to market growth as they help in targeting the growing demand for oil and gas products
The upstream sector in the market involves activities related to exploration, drilling, and production of crude oil and natural gas. The sector plays a crucial role in the country's economy, contributing significantly to government revenue and foreign exchange earnings. Investments in offshore exploration and production, technological advancements, and the development of marginal oil fields are key trends shaping the upstream sector in Nigeria.
The midstream sector focuses on the transportation, storage, and processing of crude oil and natural gas. It plays a vital role in ensuring the efficient movement of oil and gas from production sites to refineries and distribution centers. In Nigeria, midstream infrastructure development, such as pipelines, storage facilities, and gas processing plants, is essential for optimising the country's energy supply chain. Companies are investing in expanding midstream infrastructure to enhance operational efficiency and meet growing demand for oil and gas products.
As per Nigeria oil and gas market analysis, the downstream sector involves refining crude oil into various petroleum products, petrochemicals, and retail sales of refined products. The sector is crucial for meeting domestic demand for refined products, reducing import dependency, and supporting economic growth. Investments in refining capacity expansion projects, petrochemical plants, and retail sales infrastructure are driving growth in the downstream sector.
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Market players are focused on providing cutting-edge technologies, offshore exploration and production, and marginal field development to increase their market share
Exxon Mobil Corporation is a leading natural gas company which caters to the energy demands of various sectors across the world. This company discovers, produces, and sells crude oil, natural gas, petroleum products, and various oil and gas-related resources. It was founded in the year 1999 and is headquartered in Texas, United States.
Total Energies SE is a petroleum company which explores and produces oil and gas, renewable energies, bioenergies, electricity, refining and petrochemicals, speciality chemicals, and trading and shipping services, among others. The company was established in the year 1924 and is currently headquartered in Courbevoie, France.
Nigerian National Petroleum Corporation is a for profit oil company based in Abuja, Nigeria. The company was founded in the year 1977 and currently is one of the largest oil producers and suppliers in Africa. The services offered by the company include upstream and downstream oil and gas products, gas and power, new energy, and non-energy services, among others.
Other key players in the Nigeria oil and gas market report include Shell PLC, Chevron Corporation, Lekoil Nigeria Limited, Sterling Oil Exploration & Energy Production Co. Ltd., Pinnacle Oil and Gas Company Limited, CNOOC International Ltd., and Eni S.p.A., among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Extraction |
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Breakup by Type |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Middle East and Africa Downstream Oil and Gas Market Overview
8.1 Key Industry Highlights
8.2 Middle East and Africa Downstream Oil and Gas Historical Market (2018-2023)
8.3 Middle East and Africa Downstream Oil and Gas Market Forecast (2024-2032)
9 Nigeria Oil and Gas Market Overview
9.1 Upstream
9.2 Midstream
9.3 Downstream
10 Nigeria Upstream Oil Market Overview
10.1 Nigeria Upstream Oil Historical Market (2018-2023)
10.2 Nigeria Upstream Oil Market Forecast (2024-2032)
10.3 Nigeria Upstream Oil Market by Extraction
10.3.1 On-Shore
10.3.1.1 Historical Trend (2018-2023)
10.3.1.2 Forecast Trend (2024-2032)
10.3.2 Off-Shore
10.3.2.1 Historical Trend (2018-2023)
10.3.2.2 Forecast Trend (2024-2032)
11 Nigeria Midstream Oil and Gas Market Overview
11.1 Nigeria Oil and Gas Historical Market (2018-2023)
11.2 Nigeria Oil and Gas Market Forecast (2024-2032)
12 Nigeria Downstream Oil and Gas Market Overview
12.1 Key Industry Highlights
12.2 Nigeria Downstream Oil and Gas Historical Market (2018-2023)
12.3 Nigeria Downstream Oil and Gas Market Forecast (2024-2032)
12.4 Nigeria Downstream Oil and Gas Market by Type
12.4.1 Downstream Oil
12.4.1.1 Historical Trend (2018-2023)
12.4.1.2 Forecast Trend (2024-2032)
12.4.1.3 Breakup by End Use
12.4.1.3.1 Transportation
12.4.1.3.1.1 Historical Trend (2018-2023)
12.4.1.3.1.2 Forecast Trend (2024-2032)
12.4.1.3.2 Agriculture, Public and Commercial Services
12.4.1.3.2.1 Historical Trend (2018-2023)
12.4.1.3.2.2 Forecast Trend (2024-2032)
12.4.1.3.3 Industrial Energy Use
12.4.1.3.3.1 Historical Trend (2018-2023)
12.4.1.3.3.2 Forecast Trend (2024-2032)
12.4.1.3.4 Household Energy Use
12.4.1.3.4.1 Historical Trend (2018-2023)
12.4.1.3.4.2 Forecast Trend (2024-2032)
12.4.2 Downstream Gas
12.4.2.1 Historical Trend (2018-2023)
12.4.2.2 Forecast Trend (2024-2032)
12.4.2.3 Breakup by End Use
12.4.2.3.1 Transportation
12.4.2.3.1.1 Historical Trend (2018-2023)
12.4.2.3.1.2 Forecast Trend (2024-2032)
12.4.2.3.2 Agriculture, Public and Commercial Services
12.4.2.3.2.1 Historical Trend (2018-2023)
12.4.2.3.2.2 Forecast Trend (2024-2032)
12.4.2.3.3 Industrial Energy Use
12.4.2.3.3.1 Historical Trend (2018-2023)
12.4.2.3.3.2 Forecast Trend (2024-2032)
12.4.2.3.4 Household Energy Use
12.4.2.3.4.1 Historical Trend (2018-2023)
12.4.2.3.4.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Trade Data Analysis (HS Code – 2710, 2711)
14.1 Major Exporting Countries
14.1.1 By Value
14.1.2 By Volume
14.2 Major Importing Countries
14.2.1 By Value
14.2.2 By Volume
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Nigerian National Petroleum Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Exxon Mobil Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Total Energies SE
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Shell Plc
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Chevron Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Lekoil Nigeria Limited
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Sterling Oil Exploration & Energy Production Co. Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Pinnacle Oil and Gas Company Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 CNOOC International Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Eni S.p.A.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Middle East and Africa Downstream Oil and Gas Market: Key Industry Highlights, 2018 and 2032
2. Nigeria Oil and Gas Market: Key Industry Highlights, 2018 and 2032
3. Nigeria Upstream Oil Historical Market (MMT), 2018-2023
4. Nigeria Upstream Oil Market Forecast (MMT), 2024-2032
5. Nigeria Upstream Oil Historical Market (MTOE), 2018-2023
6. Nigeria Upstream Oil Market Forecast (MTOE), 2024-2032
7. Nigeria Upstream Oil Historical Market: Breakup by Extraction (MMT), 2018-2023
8. Nigeria Upstream Oil Market Forecast: Breakup by Extraction (MMT), 2024-2032
9. Nigeria Upstream Oil Historical Market: Breakup by Extraction (MTOE), 2018-2023
10. Nigeria Upstream Oil Market Forecast: Breakup by Extraction (MTOE), 2024-2032
11. Nigeria Midstream Oil and Gas Historical Market (MMT), 2018-2023
12. Nigeria Midstream Oil and Gas Market Forecast (MMT), 2024-2032
13. Nigeria Downstream Oil and Gas Historical Market (MMT), 2018-2023
14. Nigeria Downstream Oil and Gas Market Forecast (MMT), 2024-2032
15. Nigeria Downstream Oil Historical Market (MMT), 2018-2023
16. Nigeria Downstream Oil Market Forecast (MMT), 2024-2032
17. Nigeria Downstream Oil Historical Market (MTOE), 2018-2023
18. Nigeria Downstream Oil Market Forecast (MTOE), 2024-2032
19. Nigeria Downstream Oil Historical Market: Breakup by End Use (MTOE), 2018-2023
20. Nigeria Downstream Oil Market Forecast: Breakup by End Use (MTOE), 2024-2032
21. Nigeria Downstream Gas Historical Market (MMT), 2018-2023
22. Nigeria Downstream Gas Market Forecast (MMT), 2024-2032
23. Nigeria Downstream Gas Historical Market (BCM), 2018-2023
24. Nigeria Downstream Gas Market Forecast (BCM), 2024-2032
25. Nigeria Downstream Gas Historical Market: Breakup by End Use (BCM), 2018-2023
26. Nigeria Downstream Gas Market Forecast: Breakup by End Use (BCM), 2024-2032
27. Major Exporting Countries by Value
28. Major Importing Countries by Value
29. Major Exporting Countries by Volume
30. Major Importing Countries by Volume
31. Nigeria Oil and Gas Market Structure
In 2023, the Nigeria gas market reached a volume of 1.37 MMT.
The Nigeria oil market reached a volume of 441 thousand barrels per day in 2023.
The market is expected to grow at a CAGR of 5.30% between 2024 and 2032.
The market is estimated to grow at a CAGR of 3.60% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of 1.85 MMT in 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of 542 thousand barrels per day in 2032.
The increasing applications of oil and gas in the gas flaring processes across the country, rising demand for downstream oil and gas products, and increasing investments towards increasing natural gas production, are the major drivers of the market.
The key trends aiding Nigeria oil and gas market expansion include the increasing penetration of foreign players in the downstream sector, favourable gas flaring commercialisation programmes, and growing expansion of petroleum refineries.
Key players in the market are Exxon Mobil Corporation, Total Energies SE, Nigerian National Petroleum Corporation, Shell PLC, and Chevron Corporation, Lekoil Nigeria Limited, Sterling Oil Exploration & Energy Production Co. Ltd., Pinnacle Oil and Gas Company Limited, CNOOC International Ltd., and Eni S.p.A., among others.
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