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

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

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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

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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

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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

List of Tables

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

List of 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’s total gross crude oil and condensate production capacity in 2020 was 1.95 million barrels per day (mbd)

Nigeria’s oil and condensate production is expected to decline by a CAGR of more than -5% during the forecast period 2021-2025.

The marketed natural gas production capacity of Nigeria in 2020 was 5,876 million cubic feet per day (mmcfd).

Nigeria’s natural gas production is expected to grow at a CAGR of more than 3% during the forecast period 2021-2025.

The key companies in the Nigerian exploration & production sector include Nigerian National Petroleum Corp, Chevron Corp, Exxon Mobil Corp., Royal Dutch Shell Plc, and TotalEnergies SE.

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