West Africa Oil & Gas Upstream Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The West Africa Oil & Gas Upstream Market Report is segmented by Location of Deployment (Onshore and Offshore) and Geography (Nigeria, Ghana, Ivory Coast, Senegal, and the Rest of West Africa). The Market Size and Forecasts are Provided in Volume (Thousand Barrels Per Day and Million Tons of Oil Equivalent).

West Africa Oil & Gas Upstream Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

West Africa Oil & Gas Upstream Market Size

West Africa Oil And Gas Upstream Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2019 - 2023
CAGR 6.50 %
Market Concentration High

Major Players

West Africa Oil And Gas Upstream Market Major Players

*Disclaimer: Major Players sorted in no particular order

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West Africa Oil & Gas Upstream Market Analysis

The West Africa Oil and Gas Upstream Market is expected to register a CAGR of greater than 6.5% during the forecast period.

The outbreak of COVID-19 negatively impacted the market. Currently, the market has reached pre-pandemic levels.

  • Factors such as the region's increasing oil and gas production and the strengthening of crude oil prices due to various geopolitical reasons are likely to drive the market during the forecast period.
  • However, political instability, coupled with vandalism of oil and gas infrastructure and theft of petroleum products, results in business losses for stakeholders, reducing the confidence to invest in oil and gas projects, which is anticipated to restrain the West African oil and gas upstream market during the forecast period.
  • Several offshore discoveries have been done in the region in recent years, which is expected to create a lucrative opportunity for oil and gas upstream companies to invest in this region.
  • Nigeria dominated the market due to a large number of upstream projects coming up in the country due to operators gaining confidence and increased production, with a rise in crude oil prices after a slump. Therefore, Nigeria is expected to dominate the market during the forecast period.

West Africa Oil & Gas Upstream Industry Overview

The West African oil and gas upstream market is consolidated. Some of the key players in the market (in no particular order) include Shell PLC, TotalEnergies SE, Eni SpA, Exxon Mobil Corporation, and Nigerian National Petroleum Corporation.

West Africa Oil & Gas Upstream Market Leaders

  1. TotalEnergies SE

  2. Eni SpA

  3. Exxon Mobil Corporation

  4. Nigerian National Petroleum Corporation

  5. Shell Plc

  6. *Disclaimer: Major Players sorted in no particular order
West Africa Oil And Gas Upstream Market Concentration
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West Africa Oil & Gas Upstream Market News

  • July 2022: Tullow Energy announced that the company was finalizing the development concept for its Tweneboa-Enyenra-Ntomme (TEN) field offshore Ghana. The development concept aims to tap 750 million barrels of oil.
  • July 2022: TotalEnergies SE started production from the Ikike field in Nigeria, which is expected to deliver peak production of 50,000 barrels of oil equivalent per day by the end of 2022.

West Africa Oil & Gas Upstream Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Macro-economic Condition in the Oil and Gas Industry
  • 4.3 Crude Oil Production and Forecast in thousand barrels per day, till 2028
  • 4.4 Natural Gas Production and Forecast in million-ton oil equivalent, till 2028
  • 4.5 Recent Trends and Developments
  • 4.6 Government Policies and Regulations
  • 4.7 Market Dynamics
    • 4.7.1 Drivers
    • 4.7.2 Restraints
  • 4.8 Supply Chain Analysis
  • 4.9 Porter's Five Forces Analysis
    • 4.9.1 Bargaining Power of Suppliers
    • 4.9.2 Bargaining Power of Consumers
    • 4.9.3 Threat of New Entrants
    • 4.9.4 Threat of Substitute Products and Services
    • 4.9.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Location of Deployment
    • 5.1.1 Onshore
    • 5.1.2 Offshore
  • 5.2 Geography
    • 5.2.1 Nigeria
    • 5.2.2 Ghana
    • 5.2.3 Ivory Coast
    • 5.2.4 Senegal
    • 5.2.5 Rest of West Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Shell PLC
    • 6.3.2 TotalEnergies SE
    • 6.3.3 Eni SpA
    • 6.3.4 Exxon Mobil Corporation
    • 6.3.5 Nigerian National Petroleum Corporation
    • 6.3.6 Ghana National Petroleum Corporation (GNPC)
    • 6.3.7 BP PLC
    • 6.3.8 Cairn Energy PLC
    • 6.3.9 Chevron Corporation
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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West Africa Oil & Gas Upstream Industry Segmentation

The oil and gas upstream sector includes all the steps involved, from the preliminary exploration through the extraction of the resource. Upstream companies are involved in all the life cycle stages of the oil and gas industry. The West African oil and gas upstream market is segmented by location of deployment and region. By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the oil and gas upstream market across major, major countries in the region. The market sizing and forecasts have been done based on volume (thousand barrels per day and million tons of oil equivalent).

Location of Deployment Onshore
Offshore
Geography Nigeria
Ghana
Ivory Coast
Senegal
Rest of West Africa
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West Africa Oil & Gas Upstream Market Research FAQs

What is the current West Africa Oil and Gas Upstream Market size?

The West Africa Oil and Gas Upstream Market is projected to register a CAGR of greater than 6.5% during the forecast period (2025-2030)

Who are the key players in West Africa Oil and Gas Upstream Market?

TotalEnergies SE, Eni SpA, Exxon Mobil Corporation, Nigerian National Petroleum Corporation and Shell Plc are the major companies operating in the West Africa Oil and Gas Upstream Market.

What years does this West Africa Oil and Gas Upstream Market cover?

The report covers the West Africa Oil and Gas Upstream Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the West Africa Oil and Gas Upstream Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

West Africa Oil & Gas Upstream Industry Report

Statistics for the 2025 West Africa Oil and Gas Upstream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. West Africa Oil and Gas Upstream analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.