The petroleum industry is Nigeria's major source of income. Since it contributes about 95% of the country's foreign exchange earnings, oil and gas companies in Nigeria play a significant role in the nation's economy. Discover the top oil companies in Nigeria and their websites below.
Man discovered the benefits of oil a long time ago. Oil fields existed on the banks of the Euphrates as early as 4-6 thousand years before the 21st century. Approximately 700 years ago, the famous traveller Marco Polo visited the territory of modern Azerbaijan and described it in his notes as "earth oil", which "cannot be eaten, but it burns and heals camels well."
Top oil and gas companies in Nigeria
Oil and gas companies in Nigeria contribute more than 65% of the government's budget funds. Nigeria is the biggest producer and exporter of oil and gas in Africa. According to the USA Energy Information Administration, there are 17 billion to 22 billion barrels in Nigeria's oil reserves.
Other sources claim this figure could be as high as 35 billion. Nigeria has over 150 oil fields and more than 1400 active wells. Most reserves are in the Niger River's delta and at the coast.
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Nigeria is home to many international oil companies. Some of these companies have gas stations all over the world. Below are the top 10 oil companies in Nigeria:
10. Addax Petroleum
- Headquarters: Beijing, China
- Founded: 1994
- Website: www.addaxpetroleum.com
Addax Petroleum was established in 1994 and began operating in Nigeria in 1998. The company became a subsidiary of the Sinopec Group (one of the largest oil and gas producers in China) in August 2009. Sinopec Group is one of China's largest oil and gas producers, the biggest oil refiner in Asia, and the third largest worldwide. They work with over 100 wells in Nigeria.
9. South Atlantic Petroleum (SAPETRO)
- Headquarters: Odeku Street, Lagos, Nigeria
- Founded: 1995
- Website: www.sapetro.com
South Atlantic Petroleum is one of Nigeria's most prominent local oil and gas companies. Theophilus Danjuma established SAPETRO in 1995. The company participated in developing the Akpo deepwater field off the coast of Port Harcourt. It is currently the second largest acreage holder in all offshore East and Southern Africa.
8. Hardy Plc
- Headquarters: London, United Kingdom
- Founded: 1997
- Website: www.hardyplc.com
Hardy Oil and Gas Plc was established in 1997. It changed its name to Hardy Plc on 31st May 2005 and announced a successful well test on the Oza field in Nigeria in 2007.
The British-based giant oil and gas company operates in Atala and Oza. It holds 20% of interest in these onshore oil fields and explores them with Bayelsa Oil Company Limited and Millenium Oil and Gas Company.
- Headquarters: Courbevoie, France
- Founded: 1924
- Website: www.total.com.ng
TotalEnergies SE is a French multinational integrated energy and petroleum company. It was established in 1924 and began marketing its petroleum products in Nigeria on 1st June 1956. The company has a wide distribution network of over 500 oil stations in the country and also deals in power generation and chemical production.
6. Nexen Petroleum Nigeria Limited
- Headquarters: Calgary, Alberta, Canada
- Founded: 12th July 1971
- Website: cnoocinternational.com
Nexen Petroleum is one of the best oil and gas companies in Canada. The company is a subsidiary of CNOOC Limited. CNOOC Limited is a Chinese company with headquarters in Beijing, China.
Nexen Petroleum Nigeria Limited has a 20% working interest in Usan and is developing the oil field alongside Esso E&P Nigeria (Offshore East) Limited, which is the oil field's operator. Other partners in this project are Chevron Petroleum Nigeria Limited and Total E&P Nigeria Limited.
5. Nigerian Agip Oil (NAOC)
- Headquarters: Rome, Italy
- Founded: 1962
- Website: www.eni.com
NAOC is one of the largest oil and gas companies in Nigeria. Eni (an integrated energy company headquartered in Italy) operates in the onshore and offshore areas of the Niger Delta through its subsidiaries NAOC, NAE, and AENR. Eni has been in Nigeria since 1962 through its subsidiary, Nigerian Agip Oil Company.
4. Shell Energy Nigeria
- Headquarters: Rivers, Nigeria
- Founded: 1936
- Website: www.shell.com.ng
Shell is the best oil company in Nigeria and a top player in the oil industry. It has been active and cooperating with the NNPC since 1937. Many Nigerians love working for Shell because of its decent salary rates. Shell Energy Nigeria has four subsidiaries in Nigeria:
- The Shell Petroleum Development Company of Nigeria joint venture (SPDC JV)
- Shell Nigeria Exploration and Production Company (SNEPCo)
- Shell Nigeria Gas (SNG)
- Nigeria LNG Limited (NLNG)
3. Equinor ASA
- Headquarters: Stavanger, Norway
- Founded: 1992
- Website: www.equinor.com
Equinor ASA (formerly Statoil and StatoilHydro) is the biggest Norwegian oil company worldwide. The company has been in Nigeria since 1992 and has played a significant role in developing Agbami (Nigeria's biggest deep-water field).
Equinor has drilled 10 wells and invested over US$3.5 billion in Nigeria. The company is among the country's biggest suppliers of refined products and has a 20.21% stake in the Agbami oil field. Chevron (the operator) has 67.30% interest, and Prime 127 holds a 12.49% stake in this oil field.
2. Chevron Nigeria Limited (CNL)
- Headquarters: San Ramon, California, USA
- Founded: 1879
- Website: www.chevron.com
Chevron Corporation is an American company and one of Standard Oil's successor companies. It is one of the largest investors and oil producers in Nigeria. Chevron began doing business in Nigeria in 1913, dealing in oil, gas and alternative energy sources. It operates in the onshore and offshore assets in the Niger Delta region as a joint venture of the Nigerian National Petroleum Corporation (NNPC).
1. Exxon Mobil
- Headquarters: Irving, Texas, USA
- Founded: 30th November 1999
- Website: corporate.exxonmobil.com
ExxonMobil Corporation began in the US on 30th November 1999 and is a top oil and gas company in Nigeria. The company commenced operations in Nigeria in 1955 as Mobil Exploration Nigeria Incorporated (MENI). It is now called Mobil Producing Nigeria.
List of oil and gas companies in Nigeria
About 131 companies work in Nigeria's oil industry, including drilling and survey contractors. Many oil companies (international and local) have entered and quit Nigeria's oil industry over the years due to high insecurity levels, corruption, government policies, stiff competition, and other reasons.
Below is a list of oil companies in Nigeria (petroleum and exploration companies only), but it might not reflect recent changes:
Multinational petroleum and exploration companies
|Addax Petroleum Development (Nigeria)||Conoco Petroleum Nigeria|
|Nigerian Agip Exploration (NAE)||Star Deep Water Petroleum|
|Addax Petroleum Exploration (Nigeria)||Elf Petroleum Nigeria (EPNL)|
|Nigerian Agip Oil (NAOC)||Statoil Nigeria|
|Agip Energy & Natural Resources (Nigeria)||Total Upstream Nigeria|
|Petroleo Brasileiro Nigeria||Syntroleum Nigeria|
|Brass Exploration||Hardy Oil Nigeria|
|Phillips Oil Company (Nigeria)||Texaco Nigeria Outer Shelf|
|Chevron Nigeria||Mobil Producing Nigeria|
|Conoco Energy Nigeria||Nexen Petroleum Nigeria|
|Shell Nigeria Exploration & Production (SNEPCo)||Texaco Overseas (Nigeria) Petroleum (TOPCON)|
|Shell Petroleum Development Company Of Nigeria||Esso Exploration & Production (Nigeria) (EEPNL)|
Local petroleum and exploration companies
|Afren Energy Resources||Yinka Folawiyo Petroleum|
|Alfred James Petroleum||Niger Delta Petroleum Resources|
|Allied Energy Resources (Nigeria)||Sunlink Petroleum|
|Amalgamated Oil||Noreast Petroleum|
|Atlas Oranto Petroleum Oil||Optimum Petroleum Dev.|
|Camac Nigeria||Famfa Oil|
|Conoil Producing||Oriental Energy Resources|
|Dubri Oil||Pan Ocean Oil Corp. (Nigeria)|
|Equator Exploration Nigeria||Sahara Energy Fields|
|Express Petroleum & Gas||Solgas Petroleum|
|Orient Petroleum Resources Limited||South Atlantic Petroleum (SAPETRO)|
|Midlantic International||Summit Oil International|
|Millenium Oil & Gas Company (MOGCL)||Nigerian Petroleum Development Company (NPDC)|
|Amni International Petroleum Development||Nigerian National Petroleum Corporation (NNPC)|
How many oil and gas companies are in Nigeria?
There are over 50 oil and gas companies operating in Nigeria in 2022.
Which oil company is the biggest in Nigeria?
Shell Energy Nigeria, Chevron, Exxon Mobil, TotalEnergies, and Equinor ASA are the top five largest oil investors and producers in Nigeria.
How many gas companies are in Nigeria?
There are over 50 oil and gas companies in Nigeria.
How many oil wells are in Nigeria?
Nigeria has a total of 159 oil fields and 1481 wells in operation.
How many oil blocks does Nigeria have?
Nigeria has 390 oil blocks, 173 were awarded to individuals and corporations, while 215 are yet to be awarded.
Which state has the most oil in Nigeria?
Akwa Ibom State has the highest-oil producing wells in Nigeria.
The top oil and gas companies in Nigeria are the backbone of this country's oil industry. They also provide jobs for millions of people by investing in multi-billion development projects in Nigeria.
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The article also contains a short history of oil in Nigeria, facts about the current state of this industry, and what the government plans to do to improve it and increase its revenue.