Nigeria is the most populous black nation under the sun and extremely blessed with natural resources which Oil and gas are part of. Being the biggest oil-producing nation on the continent, it’s really not a surprise that we have quite a number of oil companies operating in Nigeria.
Oil was first discovered in Oguta L.G.A of Imo state but was first discovered in commercial quantity in Oloibiri, Old Rivers State, present day Bayelsa state in 1956. And with oil discovered in commercial quantity, there was an influx of oil companies in the country.
Immediately the liquid black gold was discovered, the fortune of Nigeria was drastically turned for the better, as it became the major source of revenue for the country.
However, with the global oil price at its lowest, the once blooming source of revenue has dwindled. That said, Nigeria still has oil companies still operating in its territory.
And it’s these companies that we will be discussing in this article. We will talk about their revenue, the number of rigs they own, and their net worth.
Overview Of The Oil Industry
The Oil industry is one of the biggest industries globally and it’s very volatile. Its operation and prices continue to change with waves of political unrest rocking some of the oil-producing countries.
The price of oil has always been controlled by the Organization of the Petroleum Exporting Countries (OPEC). And the price of the US dollars in the market.
Additionally, geopolitical issues and weather conditions continues to affect the oil prices.
The top 10 biggest oil producers supply 71% of the world’s oil, which is more than 100 million barrels per day.
And while oil is mainly used in transportation (petrol and diesel), it also supports the production of certain lubricants, plastics, and pharmaceuticals.
However, we are not going to hinge this discuss on the oil industry of the world, rather on oil companies in Nigeria.
Top Oil Companies In Nigeria
Like we’ve previously said, Nigeria has a lot of oil companies and while some are international conglomerates, others are locally owned companies.
While the discovery of oil in commercial quantity might be a blessing to most countries, it has been a blessing and more recently a curse to some others.
The change in oil prices, innovative ways of drilling has all contributed to the increase in oil production. However, some others have been stuck in the “medieval” method keeping their BPD low.
While Nigeria may no longer be among the top oil-producing countries, there are still oil companies in the country.
So here’s a list of the best Oil and Gas companies in Nigeria.
#17. Expanse Oil And Gas
Expanse is an indigenous company incorporated in 2015. The company has seasoned and professional team with expertise in oil and gas vessel operations.
Additionally, they have established themselves as one of the leading indigenous company in the Oil and Gas industry of Nigeria.
#16. Taleveras Group Of Companies
Taleveras is a leading global energy and services company They operate and invest in the upstream, midstream, downstream, and power sectors of the Energy industry.
Their expansion and growth in Liquified Natural Gas and Renewable Energy strongly demonstrates a commitment to a cleaner environment and a better planet.
#15. Nigerian Gas Processing And Transmission Company LTD
The Nigerian Gas Processing and Transportation Company (NGPTC), is a subsidiary of the NNPC. It was was incorporated in July 2016, and is the successor company to the former Nigerian Gas Company (NGC) Limited.
NGPTC has the mandate of gathering, processing and transporting gas to its customers.
#14. EER (COLOBUS) Nigeria Limited
Energy Equity Resources (“EER”) is a group of African owned and African registered oil and gas companies. They are focused on the upstream, midstream, downstream and services sectors of the oil and gas industry (especially Nigeria).
Since 2005, the EER group has been operating in Nigeria and in the Nigeria/São Tomé Joint Development Zone (JDZ). In 2019, the new parent company and all group companies were registered in African jurisdictions.
#13. Brass LNG Limited
Brass LNG Limited constructs and operates a liquefied natural gas plant. The company is based in Lagos, Nigeria.
#12 Nigeria LNG Limited
Nigeria LNG according to Wikipedia was incorporated as a limited liability company on 17 May 1989, to produce LNG and natural gas liquids for export.
It has plants in Bonny and is one of the biggest gas LNG units in Nigeria.
#11. ETERNA PLC.
ETERNA PLC is located in Lagos, Nigeria, and is part of the Oil & Gas Exploration & Production Industry. The company has 485 total employees across all of its locations and generates $593.35 million in sales (USD). There are 2 companies in the ETERNA PLC corporate family.
#10. Addax Petroleum
The company has been around for a while and is part of a Chinese Sinopec Group; that has interest in Middle East and Africa.
The work in Chemicals, Petroleum Products, and other business activities. It has its headquarters in Lagos, but with its oil wells majorly in the Easter part of the nation.
#9. Nexen Inc
They are still new in the country, but has made lot of steps to be amongst the most prominent. It is a Chinese owned organization, and focuses its exploration offshore in Nigeria.
They are also into deep water exploration in Nigeria.
#8. Hardy Oil And Gas Plc
The company had lots of impact on the oil industry in Nigeria. They have vested interests in onshore assets in Atala and Oza.
However, Hardy Oil And Gas Plc is known now as Hardy Plc. This is because the organization recently sold all of its oil interests. Currently, they are looking to acquire or establish new companies into other things, not Oil and Gas.
Total is a multinational company that has been in Nigeria for over 50 years and counting with hundreds of fuel stations scattered all over the country.
The company is one of the major oil companies in the world and has major businesses in the oil and gas chain.
Also, they are involved in crude oil and natural gas exploration and production to power generation.
Additionally, they have their tentacles in transportation, though not here in Nigeria, refining, petroleum product marketing, and international crude oil and product trading.
#6. Africa Oil Corp
This company is a Canadian publicly-traded company that recently expanded its business in Nigeria. They recently bought 50% of Petrobas Shares and has taken over their operation.
The company will continue the exploration of Nigeria’s deep waters with its licenses over Nigeria’s giant deep-water fields.
#5. Nigeria Agip Oil Company Limited
Definitely one of the biggest oil companies in Nigeria, Agip has 20% ownership of the company. NNPC has 60% with Conoco Philips owning the remaining share of the company.
Agip has been in Nigeria for a while and has made a significant impact in the communities they are located in.
#4. Shell BP
If any Nigerian had the chance to choose the oil company they can work it, they’d choose Shell. Shell has been around since our pre-independence era and has contributed to the growth of oil exploration in Nigeria.
Shell Nigeria Exploration and Production Company pioneered Nigeria’s deep-water oil & gas production at the Bonga field, a project that increased Nigeria’s oil capacity by 10% when output began in 2005. Today, nearly one-third of Nigeria’s deep-water production comes from the Bonga and Erha fields.
They have been here since the 1990s and are the biggest Norwegian oil company. It is responsible for the Agbani exploration project in Nigeria.
The headquarters of this oil company is stationed in the USA. The main fields of interest for the company are oil, gas, and alternative energy sources.
In Nigeria, Chevron operate under a joint-venture arrangement with the Nigerian National Petroleum Corporation (NNPC) for the onshore and offshore assets in the Niger Delta region.
Chevron has its company headquarters in Lekki, Lagos Island. And it also has extensive interests in multi-partner deepwater operations. Chevron is one of the biggest Oil and gas companies in Nigeria.
#1. Exxon Mobil
Exxon Mobil is the top oil company in the world; its operations are related to various sources of oil, gas, and alternative energy. Its net worth is estimated at more than $400 billion.
It remains one of the best oil and gas companies in Nigeria that is still in operations.
|Company||Revenue||Net Worth||Rigs Owned|
|Exxon Mobil||$256 billion||$400 Billion||N.A|
|Chevron||$139.8 billion||$253 Billion||N.A|
|Nigeria Agip||$9.4Million||$55.6 Billion||N.A|
|Africa Oil Corp||N.A||$19.2Billion||N.A|
|Hardy Oil Plc||67MillionPounds||N.A||N.A|
|Eterna PLC||$593.3Million||62Billion Naira||N.A|
|Nigeria LNG LTD||$25.9m||N.A||N.A|
|Brass LNG LTD||$9.47Million||N.A||N.A|
|EER COLOBUS NIG. LTD||$7.14Million||N.A||N.A|