Nigeria Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Nigeria’s total gross crude oil and condensate production in 2020 was 1.95 million barrels per day (mbd), which is projected to decline at a CAGR of more than -5% during the forecast period 2021-2025. Onshore is the largest terrain type in both crude oil and condensate, and natural gas production in Nigeria in 2020. Nigeria is the largest oil and gas producer in Sub-Saharan Africa and the 13th largest in the world in 2021. The first oil discoveries in the country were in 1956 and production began shortly after. Since then, the industry in the country has grown substantially with resource finds from onshore swamp areas to some of the deepest offshore explorations in the world.

Nigeria crude oil and condensate production overview

Nigeria crude oil and condensate production overview

For more insights on this report, download a free report sample

What are the market dynamics of the Nigerian exploration & production sector?

The near-term outlook for Nigeria’s hydrocarbon production is due to decline throughout the forecast period, as the increase in natural gas production will not be sufficient to bolster the declining crude oil and condensate production. The recently signed PIB has made the situation clearer for the IOCs and so we may see FID on some of the larger developments which had been put on the backburner over the past decade or so which would significantly improve the outlook for the country. However, with the rise of importance placed on the energy transition and cleaner fuels, IOCs’ internal emissions requirements on projects are becoming stricter and the required investment into various developments to meet these requirements may be off-putting.

Despite the declining crude oil and condensate production in the country, the recently passed Petroleum Industry Bill (PIB) was to overhaul the industry in the country by restructuring the National oil company, Nigerian National Petroleum Corporation (NNPC), which acts as a JV partner, operator, and regulator. The Bill also includes chapters allowing host communities to hold an equity stake in fields, and a reworking of fiscal terms giving pipeline investors a 5-year tax holiday and allowances over tax deductibles. Although the rework is aimed at encouraging further investment to grow or at least maintain current levels of crude oil production, only time will tell if the major IOCs will, considering pressure from investors to meet new emissions reduction targets.

Exploration activity has been slow in Nigeria for a number of years now in large part due to the erosion of project economics and the outlook of ‘lower for longer’ pricing as well as the traditionally very active IOCs in the country slowing investment in the face of pipeline attacks, court cases with the government, and environmental issues. Nigeria held a marginal bid round in 2020 covering over 50 marginal fields in an attempt to encourage the development of these small fields to increase production with the incentive for operators being the lower capital requirements for these fields. Major IOCs such as ExxonMobil has announced plans to sell stakes in four shallow water licenses, and Shell has announced plans to sell stakes in their onshore licenses. The selling of these is a worrying sign as it signals the lack of faith the companies have in the country and may cause others to follow suit.

What are the key categories of Nigeria’s crude oil and natural gas production?

By terrain, the Nigerian crude oil production is categorized into onshore, shallow water, deep water, and ultra-deepwater. Similarly, natural gas production is categorized by terrain type into onshore, shallow water, deep water, ultra-deepwater, and unspecified. The onshore category accounted for the largest share in both crude oil production, and natural gas production in Nigeria in 2020. Shallow water is expected to be the largest category in Nigeria’s crude oil production by 2025.

The major assets in Nigeria’s crude oil and condensate production include OML 104, 67, 68, 70; OML 49, 90, 95; and Agbami. Similarly, the major assets of Nigeria’s marketed natural gas production include OML 60, 61, 62, 63; Gbaran Ubie Phase 2; and OML 99.

Nigeria exploration & production sector, by terrain type

Nigeria exploration & production sector, by terrain type

To know more about categories, download a free report sample

Which are the major companies in the Nigerian exploration & production sector?

The key companies in Nigeria’s crude oil and condensate production sector include Nigerian National Petroleum Corp, Chevron Corp, and Exxon Mobil Corp. The major companies in Nigeria’s natural gas production sector are Nigerian National Petroleum Corp, Royal Dutch Shell Plc, and TotalEnergies SE. Nigerian National Petroleum Corp was the leading company in both natural gas production, and crude oil and condensate production sectors in Nigeria, in 2020. TotalEnergies SE is expected to outperform both Chevron Corp and Exxon Mobil Corp in the crude oil and condensate production sector during the forecast period.

Nigeria exploration & production sector, by key players

Nigeria exploration & production sector, by key players

To know more about key players, download a free report sample

Market report scope

Market Size (Year – 2020) Crude oil and condensate production: 1.95 mbd
Growth Crude oil and condensate production: CAGR >-5% during 2021-2025
Base year for estimation 2020
Key categories Onshore, shallow water, deep water, and ultra-deepwater
Key Companies Nigerian National Petroleum Corp, Chevron Corp, Exxon Mobil Corp., Royal Dutch Shell Plc, and TotalEnergies SE

This report provides an overview of the Nigerian exploration & production sector. The report includes:

  • Key details of active and upcoming oil and gas assets in the country
  • Recently licensed blocks details, licensed blocks count by company, and latest discoveries
  • Latest mergers and acquisitions, and awarded contracts related to the E&P sector in the country

Reasons to Buy

  • Gain a strong understanding of Nigeria’s E&P sector
  • Facilitate decision making based on strong historical and outlook of oil and gas production data, licensed blocks details, and discoveries
  • Assess your competitor’s production outlook and licensed blocks count in the country
  • Analyze the latest M&A landscape and awarded contracts related to the country’s E&P sector

Table of Contents

|Table of Contents 3

|List of Tables 4

|List of Figures 5

Nigeria Exploration and Production Sector 6

Nigeria Exploration and Production Sector, Oil and Gas Production Outlook 8

Nigeria Exploration and Production Sector, Marketed Natural Gas Production by Terrain 9

Nigeria Exploration and Production Sector, Gross Crude Oil and Condensate Production by Assets 10

Nigeria Exploration and Production Sector, Marketed Natural Gas Production by Assets 13

Nigeria Exploration and Production Sector, Net Entitlement Crude Oil and Condensate Production by Major Companies 16

Nigeria Exploration and Production Sector, Net Entitlement Natural Gas Production by Major Companies 21

Nigeria Exploration and Production Sector, Active and Upcoming Oil and Gas Asset Details 24

Nigeria Exploration and Production Sector, Exploration 37

Nigeria Exploration and Production Sector, Total Licensed Blocks 37

Nigeria Exploration and Production Sector, Licensed Blocks by Company 37

Nigeria Exploration and Production Sector, Exploration 43

Nigeria Exploration and Production Sector, Exploration Details, Exploration 43

Nigeria Exploration and Production Sector, Major Oil and Gas Discoveries 45

Nigeria Exploration and Production Sector, Number of Oil and Gas Discoveries, 2017 – 2021 45

Nigeria Exploration and Production Sector, Oil and Gas Discovery Details 46

Recent Contracts 47

Recent M&A Activity 52

Appendix 55

Methodology 55

Coverage 55

Secondary Research 55

|Contact Us 56

Table

Nigeria, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Nigeria, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Nigeria, Gross Crude Oil and Condensate Production (bd), by Assets, 2016-2025 10

Nigeria, Marketed Natural Gas Production (mmcfd), by Assets, 2016-2026 13

Nigeria, Net Entitlement Crude Oil and Condensate Production (bd), by Major Companies, 2016 – 2025 16

Nigeria, Net Entitlement Natural Gas Production (mmcfd), by Major Companies, 2016 – 2025 21

Nigeria, Active and Upcoming Oil and Gas Field Assets Details 24

Nigeria, Total Licensed Blocks, 2010-2020 37

Nigeria, Licensed Blocks by Company, 2010-2020 37

Nigeria, Recently Licensed Block Details 43

Nigeria, Number of Oil and Gas Discoveries, 2017 – 2021 45

Nigeria, Oil and Gas Discovery Details, 2017 – 2021 46

Recent Contracts 47

Recent M&A Activity 52

Figures

Nigeria, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Nigeria, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Top 10 Fields in Nigeria by 2020 Crude Oil Production 10

Top 10 Fields in Nigeria by 2020 Natural Gas Production 13

Top 10 Companies in Nigeria by 2020 Crude Oil and Condensate Production 16

Top 10 Companies in Nigeria by 2020 Natural Gas Production 21

Nigeria, Active and Upcoming Oil and Gas Assets by Production Start Year 24

Nigeria, Number of Oil and Gas Discoveries, 2017 – 2021 45

Frequently asked questions

Nigeria Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025 thematic reports
Currency USD
$3,000

Can be used by individual purchaser only

$9,000

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Nigeria Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Nigeria Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025 in real time.

  • Access a live Nigeria Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.