Nigeria Oil & Gas Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Sector (Upstream, Midstream and Downstream)

Market Snapshot

Nigeria Oil & Gas Market Summary
Study Period:

2017-2024

Base Year:

2018

Key Players:

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Market Overview

The crude oil production in Nigeria is estimated to witness a decline of approximately 7.93% during the forecast period of 2018 – 2025. Major factors driving the market are the increasing investments in the upstream and downstream sectors of the oil & gas industry. Oil and gas production had been hampered in Nigeria in the past few years, due to the attack on oil and gas infrastructure by militants. Further, oil theft has been one of the major issues faced by the oil & gas market in Nigeria, which resulted in huge losses to operating companies in the country.

  • Lack of infrastructure, uncertainties in regulations, and security concerns have led Nigeria to underutilize its refining capacities, thereby pushing the country to become a net importer of refined petroleum products. However, Nigeria is on the edge of altering refined products’ supply dynamics in the region with the help of the upcoming Dangote Refinery, and is expected to become the regional refining hub in the coming years.  
  • Given the country’s huge gas reserve and its advantage as a clean fuel, gas has already witnessed a massive surge in its domestic consumption in the recent years. Further, the country is steadily moving away from oil and exploring different ways to replace the oil consumption with gas in power as well as the transportation sector. The shift to gas is also supported by the fact that major oil reserves are likely to get dry in coming three to four decades. Hence, the oil market is considered to be one of the most vulnerable markets where natural gas has the highest potential to penetrate. Moreover, gas production has become a major focus for the oil & gas companies, in response to strong investment in gas-to-power projects, across the region.

Scope of the Report

The Nigeria oil & gas market report include:

Sector
Upstream
Onshore
Overview
Key Projects
Projects in Pipeline
Upcoming Projects
Offshore
Overview
Key Projects
Projects in Pipeline
Upcoming Projects
Midstream
Transportation
Overview
Key Projects Information
Existing Projects
Projects in Pipeline
Upcoming Projects
LNG Terminals
Overview
Key Projects Information
Existing Projects
Projects in Pipeline
Upcoming Projects
Processing Stations and Storage
Overview
Key Projects Information
Existing Projects
Projects in Pipeline
Upcoming Projects
Downstream
Refineries
Overview
Key Projects Information
Existing Projects
Projects in Pipeline
Upcoming Projects
Petrochemical Plants
Overview
Key Projects Information
Existing Projects
Projects in Pipeline
Upcoming Projects

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Key Market Trends

Increasing Investments to Maintain the Country’s Production

  • Nigeria is one of the largest and oldest oil producers in Africa. The oil and gas sector is one of the most important sectors in the country’s economy, accounting for more than 90% of the country’s exports and 80% of the Federal Government’s revenue.
  • As of 2017, Nigeria has the largest oil and gas reserves in the African region, with around 37 billion barrels of oil and 47.2 billion cubic meter (bcm) of gas. With a production of 1.9 million barrels per day in 2017, which is approximately 24% of the total production in Africa, Nigeria continues to dominate the African oil production.
  • The country's economy was hit hard by the global commodity price downswing in 2014. Investment in the Nigerian upstream oil and gas sector declined by 13% annually, during 2015-2017, due to the downturn in the crude oil price. The decline in spending was largest in 2016, driven by severe disruptions on major oilfields. Oil and condensate production recovered in 2017, and was estimated to remain at the level of 2 million bbl/d in 2018.
  • The drilling activity in the country is ramping up, and is expected to continue on account of current and upcoming projects. However, production is not expected to ramp up in the coming years, as the new projects that are expected to come online may be able to offset the declining volume from brownfields, keeping the oil supply stable, provided the political situation does not exacerbate, leading to renewed supply disruption.
  • Development of ultra-deepwater Egina oilfield by Total is one of the key projects, which started production in the first week of 2019. The Egina field may significantly boost the production and cash flow, in 2019, and continue onward. Further, NNPC (Nigeria National Petroleum Corporation) has signed an agreement for seven Critical Gas Development Projects, to deliver around 3.4 bcf of gas per day, in order to bridge the medium-term supply gap, by 2020, on an accelerated basis.  
Nigeria Oil & Gas Market Segmentation

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Competitive Landscape

The Nigeria oil & gas market is moderately consolidated with top 5-6 accounting for majority of the share. Some of the major players include Nigerian National Petroleum Corporation (NNPC), Royal Dutch Shell PLC, Total SA, Chevron Corporation, and Exxon Mobil Corporation.

Major Players

  1. Nigerian National Petroleum Corporation (NNPC)
  2. Royal Dutch Shell PLC
  3. Total SA
  4. Chevron Corporation
  5. Exxon Mobil Corporation

* Complete list of players covered available in the table of contents below

Nigeria Oil & Gas Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

    4. 1.4 Study Deliverables

    5. 1.5 Research Phases

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Oil and Gas Reserves, 2010-2017

    3. 4.3 Upstream Spending in USD billion, by Category, 2017-2024

    4. 4.4 Crude Oil Production in billion barrels per day, till 2024

    5. 4.5 Natural Gas Production in billion cubic feet per day, till 2024

    6. 4.6 Oil Breakeven Prices in USD/bbl for Key Unsanctioned Projects

    7. 4.7 Active Rig Count Historic Trend in Nigeria

    8. 4.8 Recent Trends and Developments

    9. 4.9 Government Policies and Regulations

    10. 4.10 Market Dynamics

      1. 4.10.1 Drivers

      2. 4.10.2 Restraints

    11. 4.11 PESTLE ANALYSIS

  5. 5. MARKET SEGMENTATION

    1. 5.1 Sector

      1. 5.1.1 Upstream

        1. 5.1.1.1 Onshore

          1. 5.1.1.1.1 Overview

          2. 5.1.1.1.2 Key Projects

            1. 5.1.1.1.2.1 Projects in Pipeline

            2. 5.1.1.1.2.2 Upcoming Projects

        2. 5.1.1.2 Offshore

          1. 5.1.1.2.1 Overview

          2. 5.1.1.2.2 Key Projects

            1. 5.1.1.2.2.1 Projects in Pipeline

            2. 5.1.1.2.2.2 Upcoming Projects

      2. 5.1.2 Midstream

        1. 5.1.2.1 Transportation

          1. 5.1.2.1.1 Overview

          2. 5.1.2.1.2 Key Projects Information

            1. 5.1.2.1.2.1 Existing Projects

            2. 5.1.2.1.2.2 Projects in Pipeline

            3. 5.1.2.1.2.3 Upcoming Projects

        2. 5.1.2.2 LNG Terminals

          1. 5.1.2.2.1 Overview

          2. 5.1.2.2.2 Key Projects Information

            1. 5.1.2.2.2.1 Existing Projects

            2. 5.1.2.2.2.2 Projects in Pipeline

            3. 5.1.2.2.2.3 Upcoming Projects

        3. 5.1.2.3 Processing Stations and Storage

          1. 5.1.2.3.1 Overview

          2. 5.1.2.3.2 Key Projects Information

            1. 5.1.2.3.2.1 Existing Projects

            2. 5.1.2.3.2.2 Projects in Pipeline

            3. 5.1.2.3.2.3 Upcoming Projects

      3. 5.1.3 Downstream

        1. 5.1.3.1 Refineries

          1. 5.1.3.1.1 Overview

          2. 5.1.3.1.2 Key Projects Information

            1. 5.1.3.1.2.1 Existing Projects

            2. 5.1.3.1.2.2 Projects in Pipeline

            3. 5.1.3.1.2.3 Upcoming Projects

        2. 5.1.3.2 Petrochemical Plants

          1. 5.1.3.2.1 Overview

          2. 5.1.3.2.2 Key Projects Information

            1. 5.1.3.2.2.1 Existing Projects

            2. 5.1.3.2.2.2 Projects in Pipeline

            3. 5.1.3.2.2.3 Upcoming Projects

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Nigerian National Petroleum Corporation (NNPC)

      2. 6.3.2 Royal Dutch Shell PLC

      3. 6.3.3 Total SA

      4. 6.3.4 Chevron Corporation

      5. 6.3.5 Exxon Mobil Corporation

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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