It is no doubt, that in this country, the major source of revenue is from crude oil, And oil and gas contribute to over 90% of the country's GDP (gross domestic product).
Ever since the discovery of oil in 1956 in Bayelsa state, the oil and gas industry has contributed tremendously to the economy of the country hence contributing to the growth of the nation, that is why in this article we are about to see the 10 best private oil and gas companies in 2024.
Please, do well to read this article to the end as it is going to be of great help to you.
There are many private oil and gas companies in Nigeria, but we are going to look at the top 10 best.
10 Best private oil & gas companies in 2024
1. Shell Plc
Presently they are four subsidiaries of shell in Nigeria, which are
- Shell Petroleum Development Company of Nigeria (SPDC): SPDC is the largest private-sector oil and gas company in Nigeria. It is the operator of a joint venture between the government-owned Nigerian National Petroleum Corporation NNPC (55%), Shell (30%), Elf Petroleum Nigeria Limited, a subsidiary of Total (10%), and Agip (5%). SPDC’s operations in the Niger Delta have spread over 30,000 square kilometers.
- Shell Energy Nigeria: Shell Energy Nigeria is developing operations as a natural gas marketing and sales business in Nigeria to address the increased energy needs of commercial clients, building on the success of Shell Nigeria Gas.
- Nigeria Liquefied Natural Gas (NLNG): Shell Nigeria has been very active in the Liquefied Natural Gas project since its inception in the mid-1960s. NLNG is a joint venture incorporated in 1989 to produce liquefied natural gas (LNG) and natural gas liquids for export. The NLNG plant at Bonny Island has six processing units (trains) with a total processing capacity of 22 million tonnes a year of liquefied natural gas (LNG) and up to 5 million tonnes of natural gas liquids.
- Shell Nigeria Exploration and Production Company (SNEPCO): SNEPCO is a Shell-owned subsidiary, that was formed in 1993 to develop Nigeria’s deep-water oil and gas resources offshore. It signed a production-sharing contract with NNPC to operate two deep-water licenses. The company produces oil and gas in water depths up to 2,500 meters and has made some significant discoveries.
2. Chevron
Chevron is one of Nigeria's biggest investors and one of the country's largest oil producers which was founded in 1879. In Nigeria, they operate under a joint-venture arrangement with the Nigerian National Petroleum Corporation (NNPC) for the onshore and offshore assets in the Niger Delta region.
Through Chevron’s principal subsidiary in Nigeria which is Chevron Nigeria Limited (CNL), the company operates and holds a 40 per cent interest in eight concessions in the onshore and near-onshore regions of the Niger Delta under a joint-venture arrangement with the NNPC.
Chevron also does business in Nigeria through other subsidiaries, which are:
- Deepwater: Chevron presently operates in nine deepwater blocks, of which three are operational and six are non-operational. The three operational deep waters blocks in Nigeria include; The Agbami Field, which lies 70 miles (113 km) off the coast of the central Niger Delta region and spans 45,000 acres (182 sq km), the Usan Field, in 2,461 feet (750 m) of water, 62 miles (100 km) off the coast of the eastern Niger Delta region and the jointly develo0ped Aparo and Bonga SW Field which lies in 4,300 feet (1,311 m) of water, 70 miles (113 km) off the coast of the western Niger Delta region.
- Exploration: Chevron also operates and has a 55 per cent interest in Oil Mining Lease (OML) 140. The block lies in roughly 8,000 feet (2,438 m) of water, 90 miles (145 km) off the coast of the western Niger Delta region, and includes the Nsiko discoveries.
- Natural gas: Chevron is presently involved in natural gas projects in the western Niger Delta and Escravos areas, including the Escravos Gas Plant (EGP), the Escravos Gas-to-Liquids (EGTL) facility and the Sonam Field Development Project.
3. Mobil-producing Nigeria
4. TotalEnergies Marketing Nigeria Plc
5. Nigeria Agip oil company (NAOC)
The company commenced activities in Nigeria in 1962, through an entirely owned subsidiary, the Nigerian Agip Oil Company (NAOC), and has been active ever since in hydrocarbon exploration and production as well as power production. The activities of NAOC in Nigeria have grown over the years. This led to the establishment of two other subsidiaries in the country, namely Agip Energy and Natural Resources (AENR), in 1980, and Nigerian Agip Exploration (NAE), in 1996, to concentrate on the company’s activities in the shallow water and deep offshore areas respectively.
6. Addax Nigeria
Addax Petroleum began operations in Nigeria in 1998 by signing two Production Sharing Contracts (PSCs) with the Nigerian National Petroleum Corporation (NNPC). The company became a subsidiary of the Sinopec Group (one of the largest oil and gas producers in China) in August 2009. Sinopec Group is one of China's largest oil and gas producers, the biggest oil refiner in Asia, and the third largest worldwide.
In Nigeria, Addax Petroleum’s producing assets include a total of 15 fields and 112 production wells.
7. Equinor
Equinor is a private oil and gas company that has been in Nigeria since the early 1990s. Their success in Nigeria is underpinned by their sustainability work, ensuring they are a responsible operator and proactive in improving opportunities for the communities where they work.
They are presently headquartered in Lagos, Nigeria. Equinor has played a significant role in developing Nigeria’s biggest deep-water field, Agbami, and utilizing one of the world’s largest floating production, storage, and offloading vessels. they have a daily equity production of 26,000 barrels as of the 2021 record.
There have drilled 10 wells with a 40% discovery rate and invested more than US$3.5 billion. They are also a supplier of refined products in Nigeria.
8. Nexen
Nexen is a subsidiary of CNOOC international operating in Nigeria. CNOOC International has a 45% working interest in the OML130 block located approximately 150 kilometres off the coast of Port Harcourt, Nigeria.
The OML130 block, located in Port Harcourt, and encompasses 648 square kilometres, is a deepwater project comprised of four oil fields: Akpo, Egina, Egina South, and Preowei. Akpo is one of the world-class discoveries drilled in the OML130 block and has maintained stable net production of 56,000 barrels per day since 2009.
One of the potential oil fields of Nexen is the Egina field. Production from the Egina Field commenced in early January 2019. The Field is located 150 kilometres off the coast of Nigeria in approximately 1600 meters of water. The development consists of a Floating Production Storage and Offloading (FPSO) unit and a Subsea Production System. The field has reached a production of approximately 200,000 barrels per day since 2019.
9. Amni
Amni International Petroleum Development Company Limited is an Independent Oil & Gas Exploration & Production (E&P) company with its head office in Lagos, Nigeria.
Amni pioneered the participation of independent companies in offshore oil and gas fields in West Africa. From undertaking the acquisition and interpretation of seismic data and drilling exploration and appraisal wells to conducting field development that resulted in production, Amni has field-wide experience in the complete Exploration & Production (E&P) life cycle. Amni is proud to be one of Nigeria’s upcoming Independent and International Oil Producing Companies.
Amni’s focus is on the offshore environment where it has operated for over 25 years and gained valuable experience and confidence.
10. South Atlantic Petroleum (SAPETRO)
SAPETRO holds an aggregate 15% stake in block OML 130, alongside French Major, Total, Prime Oil & Gas, and the China National Offshore Oil Corporation (CNOOC) who hold 24%, 16%, and 45% interests respectively.
SAPETRO was awarded an oil prospecting license (OPL) 246 by the Ministry of Petroleum Resources in 1998. The block covers a total area of 2,590km² (1,000 sq. miles) and lies 120-160km due South of Port Harcourt, in water depths of about 1,100m to 1,800 m.
Exploration drilling commenced in 1999 and with five wells in a row leading to the discoveries of the Akpo condensate field in 2000. They later discovered other oil fields which include; Egina Main, Egina South, Preowei, and Kuro (which was suspended as a dry gas/minor oil discovery).
Following successful appraisal drilling, 50% of the OPL was converted to an Oil Mining Lease (OML) in 2005 to cover Akpo, Egina Main, Egina South, and Preowei fields.
Conclusion
It is no doubt that we're ever they are oil-producing companies that place always experience growth and development. We have been able to look at the 10 best private oil and gas companies in 2024, although some of them are subsidiaries of internationally owned companies. so below are a recap of the companies
- Shell
- Chevron
- Mobil Producing Nigeria
- TotalEnergies Marketing Nigeria Plc
- Addax Nigeria
- Equinor
- Nexen
- Amni
- South Atlantic Petroleum (SAPETRO)