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10 Largest Offshore Oil And Gas Companies In Nigeria
Nigeria's oil and gas industry is a powerhouse of the country's economy, contributing significantly to GDP, government revenues, and employment. Offshore oil and gas companies, in particular, dominate the scene, given Nigeria’s abundant offshore oil reserves. Below are the 10 largest offshore oil and gas companies in Nigeria, driving the nation’s energy sector forward:
1. Nigerian National Petroleum Corporation (NNPC)
NNPC is Nigeria’s state-owned oil corporation and a key player in the oil and gas sector. Through its subsidiaries and joint ventures, NNPC is involved in offshore exploration and production. Its partnerships with international oil companies like Shell, ExxonMobil, and TotalEnergies ensure that it remains a major contributor to Nigeria's offshore oil output. Notably, NNPC’s renewed production sharing contracts for deepwater fields signal its continued dominance in the sector.
2. Shell Nigeria
Shell has been active in Nigeria since the 1930s and is one of the largest producers of oil and gas in the country. Shell’s offshore portfolio includes significant assets like the Bonga field, Nigeria’s first deepwater discovery, which continues to produce substantial amounts of crude oil. Shell’s activities encompass both onshore and offshore production, and its technical expertise in offshore drilling keeps it among the top players.
3. Chevron Nigeria Limited (CNL)
Chevron is another major international oil company with extensive operations in Nigeria’s offshore fields. Chevron has operated in Nigeria for over 60 years, with much of its focus on the Niger Delta. Chevron’s offshore activities include the Agbami and Usan deepwater fields, contributing to its strong position in Nigeria’s oil and gas sector.
4. ExxonMobil
ExxonMobil operates some of Nigeria’s most productive offshore oil fields, such as the Erha North field. With over five decades of presence in Nigeria, ExxonMobil is recognized for its large-scale offshore operations, which make up a significant portion of the country's oil exports. ExxonMobil’s technical expertise in deepwater drilling ensures that it continues to contribute substantially to Nigeria’s oil production.
5. TotalEnergies
TotalEnergies, the French multinational energy company, has a robust presence in Nigeria’s offshore sector. Total’s involvement in offshore exploration and production includes significant projects like the Egina field, one of Nigeria’s most recent large-scale oil developments. The company is also committed to reducing its carbon footprint, incorporating sustainable energy practices in its operations.
6. Eni (Nigerian Agip Oil Company - NAOC)
Eni, through its Nigerian subsidiary NAOC, is a major player in offshore oil production in Nigeria. With assets in both deepwater and shallow water fields, Eni’s offshore operations contribute significantly to Nigeria’s oil output. The company’s commitment to sustainability and local development projects in the Niger Delta has also bolstered its standing in the industry.
7. Addax Petroleum
Addax Petroleum, now under the management of NNPC, was formerly a subsidiary of the Chinese energy company Sinopec. The company has been involved in offshore exploration and production in Nigeria for many years, with a focus on deepwater oil fields. Although its ownership has changed, Addax remains a key player in offshore production, contributing to Nigeria’s energy security.
8. Seplat Energy
Seplat Energy is an indigenous Nigerian company that has made significant inroads in offshore exploration. Known for its investments in both oil and gas, Seplat’s acquisition of offshore assets has helped boost its production capacity, making it a noteworthy competitor in the sector. The company is also recognized for its focus on sustainability and clean energy integration in its operations.
9. Aiteo Eastern Exploration and Production
Aiteo is one of Nigeria’s largest indigenous oil companies with an expanding portfolio of offshore oil fields. Its acquisition of the OML 29 block, which includes offshore assets, has positioned Aiteo as a significant player in the industry. The company continues to focus on increasing its offshore production while contributing to Nigeria's local content development.
10. Oando PLC
Oando is a diversified energy company involved in the upstream, midstream, and downstream segments of the oil and gas industry. Oando’s acquisition of the Nigerian assets of ConocoPhillips has expanded its offshore portfolio, and the company continues to invest in both offshore exploration and production. Oando is also involved in natural gas and power generation projects, further enhancing its footprint in the energy sector.
Conclusion
Nigeria’s offshore oil and gas companies are vital to the country's economic and energy landscape. With abundant offshore reserves, companies like NNPC, Shell, Chevron, ExxonMobil, and TotalEnergies continue to lead the way, leveraging their technical expertise and substantial investments to drive oil production. Indigenous companies such as Seplat Energy, Aiteo, and Oando are also gaining ground, contributing to local content development and demonstrating the growing role of Nigerian companies in offshore exploration and production.
Despite challenges like regulatory uncertainties, security issues in the Niger Delta, and environmental concerns, the future of Nigeria’s offshore oil and gas sector remains bright. Increasing investments in gas infrastructure, coupled with the government’s focus on local content and refinery upgrades, present opportunities for continued growth. As these companies evolve, they will likely integrate more sustainable practices, reducing their environmental footprint and contributing to Nigeria's transition towards a more diversified energy mix
