Nigeria Oil and Gas Market Introduction and Overview
According to SPER Market Research, the Nigeria Oil and Gas Market is estimated to reach USD XX billion by 2033 with a CAGR of 1.6%.
Oil and Natural gas are a significant area in the energy market and assume a quintessential part in the worldwide economy as the essential wellspring of fuel. Somewhat recently, on a normal, around 90 million barrels of oil and 340 billion cubic feet of gas was delivered and consumed every day. The area is additionally separated into Upstream, Halfway and Downstream business sectors; every one of which would be talked about exhaustively in the report. The oil and gas area are portrayed by its vulnerability and unpredictability in the Upstream Market, a few functional limitations in the Halfway Market and combination of tasks in the Downstream Market. However, the open doors in the area are immense, particularly in the supportability area.
- August 2022; NNPC, Nigeria's state-claimed oil firm, restored its oil creation imparting arrangements to global oil organizations Shell, Equinox, Chevron, ExxonMobil, China's Sinopec, and Nigerian firm South Atlantic Oil for five profound water blocks. The organization intends to create up to 10 billion barrels of oil over the course of the following 20 years. NNPC together and independently possesses the OML 128, 130, 132, 133, and 138 blocks.
- June 2022; The Nigerian government endorsed the execution of a gas pipeline project that will connect Nigeria and Morocco. This pipeline was an expansion of a current gas pipeline that has been moving gas from southern Nigeria to Benin, Ghana, and Togo beginning around 2010. The Nigeria-Morocco project traverses roughly 6,000 km and goes through 13 African nations along the Atlantic coast. The essential goal of this undertaking is to give petroleum gas to landlocked nations like Niger, Burkina Faso, and Mali. The assessed volume of flammable gas to be conveyed to Morocco through this pipeline surpasses 5,000 billion cubic meters.
Market Opportunities and Challenges
Opportunities- The market includes exercises connected with investigation, penetrating, and creation of unrefined petroleum and flammable gas. The area assumes a pivotal part in the nation's economy, contributing essentially to government income and unfamiliar trade profit. Interests in seaward investigation and creation, mechanical headways, and the improvement of minimal oil fields are key patterns moulding the upstream area in Nigeria.
The transportation, stockpiling, and handling of unrefined petroleum and flammable gas. It assumes a fundamental part in guaranteeing the proficient development of oil and gas from creation locales to treatment facilities and dissemination focuses. In Nigeria, halfway framework advancement, like pipelines, storerooms, and gas handling plants, is fundamental for improving the country's energy production network. Organizations are putting resources into extending halfway foundation to improve functional proficiency and fulfil developing need for oil and gas items.
Challenges- There is a risk of declining global demand for oil in the long term as countries accelerate investments in renewable energy technologies and electric vehicles. This shift could potentially reduce Nigeria's oil revenues and impact its economic stability. Significant investments in renewable energy infrastructure and technologies to meet global energy demands sustainably. Nigeria will need to navigate these investments while also addressing existing challenges such as infrastructure deficits, regulatory uncertainties, and security issues. There is a growing emphasis on environmental sustainability and climate change mitigation, prompting calls for stricter environmental regulations and commitments to reduce carbon emissions from oil and gas operations. Adapting to these regulatory changes while ensuring sustainable development practices will be crucial for Nigeria's oil and gas industry to remain competitive in a rapidly evolving global energy landscape.
Market Competitive Landscape
The Nigeria Oil And Gas Market is a highly competitive arena due to the presence of multiple global and regional companies in the competitive environment. Leading companies in the industry are Chevron Corporation, CNOOC International Ltd., Eni S.p.A., Exxon Mobil Corporation, Lekoil Nigeria Limited, Nigerian National Petroleum Corporation, Pinnacle Oil and Gas Company Limited, Shell Plc, Sterling Oil Exploration & Energy Production Co. Ltd., and Total Energies SE.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type, By Extraction
|
| Regions covered | North Central, North West, South West, Rest of Nigeria
|
| Companies Covered | Chevron Corporation, CNOOC International Ltd., Eni S.p.A., Exxon Mobil Corporation, Lekoil Nigeria Limited, Nigerian National Petroleum Corporation, Pinnacle Oil and Gas Company Limited, Shell Plc, Sterling Oil Exploration & Energy Production Co. Ltd., and Total Energies SE. |
COVID-19 Impact on Nigeria Oil And Gas Market
The Coronavirus pandemic has acquainted novel difficulties with Nigeria's oil and gas market, including uplifted worries over labour force wellbeing and security. Oil organizations are exploring rigid wellbeing conventions and carrying out remote work plans to limit disease takes a chance among faculty, influencing functional effectiveness and undertaking courses of events. Production network disturbances have likewise been huge, influencing the opportune obtainment of basic gear and materials required for progressing activities and new undertakings. Also, the pandemic's financial aftermath has prompted discounted worldwide oil interest and cost unpredictability, influencing Nigeria's oil income and venture possibilities. This vulnerability has intensified funding difficulties, with financial backers mindful about focusing on new pursuits in the midst of market flimsiness and administrative changes.
Key Target Audience:
- International Oil Companies (IOCs) and National Oil Companies (NOCs)
- Oilfield Services Companies
- Government Agencies and Regulators
- Investors and Financial Institutions
- Energy Consultants and Analysts
- Local Communities and Stakeholders
Our in-depth analysis of the Nigeria Oil and Gas Market includes the following segments:
|
By Type:
|
Downstream Oil
End Use
Downstream Gas
|
|
By Extraction:
|
On-Shore
Off-Shore
|
Key Topics Covered in the Report:
- Nigeria Oil And Gas Market Size (FY’2024-FY’2033)
- Overview of Nigeria Oil And Gas Market
- Segmentation of Nigeria Oil And Gas Market by type (Downstream Oil, End Use, Downstream Gas)
- Segmentation of Nigeria Oil And Gas Market by Extraction (On-Shore, Off-Shore)
- Statistical Snap of Nigeria Oil And Gas Market
- Expansion Analysis of Nigeria Oil And Gas Market
- Problems and Obstacles in Nigeria Oil And Gas Market
- Competitive Landscape in the Nigeria Oil And Gas Market
- Impact of COVID-19 and Demonetization on Nigeria Oil And Gas Market
- Details on Current Investment in Nigeria Oil And Gas Market
- Competitive Analysis of Nigeria Oil And Gas Market
- Prominent Players in the Nigeria Oil And Gas Market
- SWOT Analysis of Nigeria Oil And Gas Market
- Nigeria Oil And Gas Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Nigeria Oil And Gas Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Nigeria Oil and Gas Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Nigeria Oil and Gas Market
7. Nigeria Oil and Gas Market, By Type (USD Million) 2020-2033
7.1. Nigeria Oil and Gas Market Size, Share and Forecast, By Type, 2020-2026
7.2. Nigeria Oil and Gas Market Size, Share and Forecast, By Type, 2027-2033
7.3. Downstream Oil
7.4. End Use
7.5. Downstream Gas
8. Nigeria Oil and Gas Market, By Extraction (USD Million) 2020-2033
8.1. Nigeria Oil and Gas Market Size, Share and Forecast, By Extraction, 2020-2026
8.2. Nigeria Oil and Gas Market Size, Share and Forecast, By Extraction, 2027-2033
8.3. On-Shore
8.4. Off-Shore
9. Nigeria Oil and Gas Market Forecast, 2020-2033 (USD Million)
9.1. Nigeria Oil and Gas Market Size and Market Share
10. Nigeria Oil and Gas Market, By Region, 2020-2033 (USD Million)
10.1. Nigeria Oil And Gas Market Size and Market Share By Region (2020-2026)
10.2. Nigeria Oil And Gas Market Size and Market Share By Region (2027-2033)
10.3. North Central
10.4. North West
10.5. South West
10.6. Rest of Nigeria
11. Company Profile
11.1. Chevron Corporation
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. CNOOC International Ltd.
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Eni S.p.A.
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. Exxon Mobil Corporation
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. Lekoil Nigeria Limited
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. Nigerian National Petroleum Corporation
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Pinnacle Oil and Gas Company Limited
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Shell Plc
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. Sterling Oil Exploration & Energy Production Co. Ltd.
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Total Energies SE
11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments
11.11. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
