Nigeria Offshore Oil and Gas Production Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Crude Oil and Natural Gas), Application (Power Generation, Transportation, Industrial, and Others), and Country

BMIRE00030593 | Pages: 76 | Energy and Power | Jul 2024 | Type: Country | Status: Published

The Nigeria offshore oil and gas production market was valued at US$ 34.18 billion in 2023 and is projected to reach US$ 47.03 billion by 2031; the market is expected to register a CAGR of 4.1% during 2023–2031.    

Nigeria has been the largest crude oil producer in Africa for many years. According to the Nigerian Upstream Petroleum Regulatory Commission, the total volume of crude oil (including condensate) produced in the country accounted for 552.84 million barrels in 2023. However, disruptions in production outages or unplanned production in the country resulted in declining crude oil production below Angola, which is the second-largest producer in the region. Nigeria faced a decline in oil production during 2008–2010, 2016–2018, and 2022 owing to the recession, militant strikes on oil infrastructure, facility closure & oil worker strikes, respectively. Oil and gas are utilized in various applications, including power generation, transportation, industrial, and others. The increase in demand for natural gas in the sectors mentioned above, owing to its lower carbon emissions as compared to oil, fuels the Nigeria offshore oil and gas production market growth.

The Nigeria offshore oil and gas production market is segmented on the basis of type, and application. Based on type, the market is divided into crude oil and natural gas. Furthermore, the crude oil is the dominant segment in the Nigeria offshore oil and gas production market owing to the high demand for Nigerian crude oil from its importars. By applications, the market is categorized into Power Generation, Transportation, Industrial, and Others. Furthermore, the transportation segment dominated the market in 2023 and is also expected to maintain its dominance during the forecast period. Power generation segment is expected to grow at a CAGR of 5.7% during the forecast period owing to the rise in demand for natural gas in power generation.

The Nigeria offshore oil and gas production market analysis is carried out by identifying and evaluating key players in the market. TotalEnergies SE, CNOOC Ltd, Shell Plc, Chevron Corporation, ExxonMobil Corporation, Africa Oil Corp., Nigerian National Petroleum Corporation, Lekoil Nigeria Ltd., Pinnacle Oil and Gas Limited, and Midwestern Oil and Gas Company Limited are among the key players analyzed in the Nigeria offshore oil and gas production market report. The Nigeria offshore oil and gas production market report also includes growth prospects in light of current Nigeria offshore oil and gas production market trends and driving factors influencing the market growth.

The Nigeria offshore oil and gas producers are focusing more on the offshore natural gas production as compared to the crude oil production owing to the gas initiative by the country to remain competitive in the market. The offshore exploration and production is a major part of the oil and gas upstream sector. The Nigerian government is engaged in taking initiatives to increase the production of oil and gas and attract international oil and gas producers to the country. In August 2021, the Nigerian government passed the Petroleum Industry Act. The new act is aimed at attracting investor interest in the upstream development and addressing grievances of communities affected by oil exploration and production.

Companies operating in the Nigeria offshore oil and gas production market highly adopt inorganic strategies such as mergers and acquisitions, partnership, agreement, and business expansion. The market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. The players present in the market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings to increase their Nigeria offshore oil and gas production market share.

.           Introduction

1.1      The Insight Partners Research Report Guidance

1.2      Market Segmentation

2.        Executive Summary

2.1      Key Insights

2.2      Market Attractiveness

3.        Research Methodology

3.1      Secondary Research

3.2      Primary Research

3.2.1       Hypothesis formulation:

3.2.2       Macro-economic factor analysis:

3.2.3       Developing base number:

3.2.4       Data Triangulation:

3.2.5       Country level data:

4.        Nigeria Offshore Oil and Gas Production Market Landscape

4.1      Overview

4.2      PEST Analysis

4.3      Ecosystem Analysis

4.3.1       List of Players in the Nigeria Offshore Oil and Production

5.        Nigeria Offshore Oil and Gas Production Market – Key Market Dynamics

5.1      Nigeria Offshore Oil and Gas Production Market – Key Market Dynamics

5.2      Market Drivers

5.2.1       Growing Developments in Offshore Oil & Gas Industry

5.2.2       Government Initiatives in New Offshore Drilling and Development Projects

5.3      Market Restraints

5.3.1       Security Threats and Obstacles in Nigerian Oil & Gas Industry

5.4      Market Opportunities

5.4.1       Development and Rise in Need for Natural Gas Infrastructure

5.5      Future Trends

5.5.1       Role of Natural Gas in Energy Transition

5.6      Impact of Drivers and Restraints:

6.        Nigeria Offshore Oil and Gas Production Market Analysis

6.1      Nigeria Offshore Oil and Gas Production Market Revenue (US$ Billion), 2021–2031

6.2      Nigeria Offshore Oil and Gas Production Market Forecast and Analysis

7.        Nigeria Offshore Oil and Gas Production Market Analysis – by Type

7.1      Crude Oil

7.1.1       Overview

7.1.2       Crude Oil: Nigeria Offshore Oil and Gas Production Market – Revenue and Forecast to 2031 (US$ Billion)

7.2      Natural Gas

7.2.1       Overview

7.2.2       Natural Gas: Nigeria Offshore Oil and Gas Production Market – Revenue and Forecast to 2031 (US$ Billion)

8.        Nigeria Offshore Oil and Gas Production Market Analysis – by Application

8.1      Power Generation

8.1.1       Overview

8.1.2       Power Generation: Nigeria Offshore Oil and Gas Production Market – Revenue and Forecast to 2031 (US$ Billion)

8.2      Transportation

8.2.1       Overview

8.2.2       Transportation: Nigeria Offshore Oil and Gas Production Market – Revenue and Forecast to 2031 (US$ Billion)

8.3      Industrial

8.3.1       Overview

8.3.2       Industrial: Nigeria Offshore Oil and Gas Production Market – Revenue and Forecast to 2031 (US$ Billion)

8.4      Others

8.4.1       Overview

8.4.2       Others: Nigeria Offshore Oil and Gas Production Market – Revenue and Forecast to 2031 (US$ Billion)

9.        Competitive Landscape

9.1      Heat Map Analysis of Key Players

9.2      Company Positioning and Concentration

10.      Industry Landscape

10.1    Overview

10.2    Market Initiative

11.      Company Profiles

11.1    CNOOC Ltd

11.1.1     Key Facts

11.1.2     Business Description

11.1.3     Products and Services

11.1.4     Financial Overview

11.1.5     SWOT Analysis

11.1.6     Key Developments

11.2    TotalEnergies SE

11.2.1     Key Facts

11.2.2     Business Description

11.2.3     Products and Services

11.2.4     Financial Overview

11.2.5     SWOT Analysis

11.2.6     Key Developments

11.3    Shell Plc

11.3.1     Key Facts

11.3.2     Business Description

11.3.3     Products and Services

11.3.4     Financial Overview

11.3.5     SWOT Analysis

11.3.6     Key Developments

11.4    Africa Oil Corp

11.4.1     Key Facts

11.4.2     Business Description

11.4.3     Products and Services

11.4.4     Financial Overview

11.4.5     SWOT Analysis

11.4.6     Key Developments

11.5    Chevron Corp

11.5.1     Key Facts

11.5.2     Business Description

11.5.3     Products and Services

11.5.4     Financial Overview

11.5.5     SWOT Analysis

11.5.6     Key Developments

11.6    Exxon Mobil Corp

11.6.1     Key Facts

11.6.2     Business Description

11.6.3     Products and Services

11.6.4     Financial Overview

11.6.5     SWOT Analysis

11.6.6     Key Developments

11.7    Nigerian National Petroleum Corp

11.7.1     Key Facts

11.7.2     Business Description

11.7.3     Products and Services

11.7.4     Financial Overview

11.7.5     SWOT Analysis

11.7.6     Key Developments

11.8    Midwestern Oil & Gas Company Limited

11.8.1     Key Facts

11.8.2     Business Description

11.8.3     Products and Services

11.8.4     Financial Overview

11.8.5     SWOT Analysis

11.8.6     Key Developments

11.9    LEKOIL NIGERIA LIMITED

11.9.1     Key Facts

11.9.2     Business Description

11.9.3     Products and Services

11.9.4     Financial Overview

11.9.5     SWOT Analysis

11.9.6     Key Developments

11.10  Pinnacle Oil and Gas Limited

11.10.1   Key Facts

11.10.2   Business Description

11.10.3   Products and Services

11.10.4   Financial Overview

11.10.5   SWOT Analysis

11.10.6   Key Developments

12.      Appendix

12.1    About The Insight Partners

 

 

 

List of Tables

Table 1.           Nigeria Offshore Oil and Gas Production Market Segmentation

Table 2.           List of Players

Table 3.           Nigeria Offshore Oil and Gas Production Market – Revenue and Forecast to 2031 (US$ Billion)

Table 4.           Nigeria Offshore Oil and Gas Production Market – Revenue and Forecast to 2031 (US$ Billion) – by Type

Table 5.           Nigeria Offshore Oil and Gas Production Market – Revenue and Forecast to 2031 (US$ Billion) – by Application

 

 

 

List of Figures

Figure 1.         Nigeria Offshore Oil and Gas Production Market

Figure 2.         PEST Analysis

Figure 3.         Nigeria Offshore Oil and Gas Production Ecosystem

Figure 4.         Impact Analysis of Drivers and Restraints

Figure 5.         Nigeria Offshore Oil and Gas Production Market Revenue (US$ Billion), 2021–2031

Figure 6.         Nigeria Offshore Oil and Gas Production Market Share (%) – by Type, 2023 and 2031

Figure 7.         Crude Oil: Nigeria Offshore Oil and Gas Production Market– Revenue and Forecast to 2031 (US$ Billion)

Figure 8.         Natural Gas: Nigeria Offshore Oil and Gas Production Market– Revenue and Forecast to 2031 (US$ Billion)

Figure 9.         Nigeria Offshore Oil and Gas Production Market Share (%) – by Application, 2023 and 2031

Figure 10.        Power Generation: Nigeria Offshore Oil and Gas Production Market– Revenue and Forecast to 2031 (US$ Billion)

Figure 11.        Transportation: Nigeria Offshore Oil and Gas Production Market– Revenue and Forecast to 2031 (US$ Billion)

Figure 12.        Industrial: Nigeria Offshore Oil and Gas Production Market– Revenue and Forecast to 2031 (US$ Billion)

Figure 13.        Others: Nigeria Offshore Oil and Gas Production Market– Revenue and Forecast to 2031 (US$ Billion)

Figure 14.        Heat Map Analysis of Key Players

Figure 15.        Company Positioning and Concentration

 

 

The List of Companies - Nigeria Offshore Oil and Gas Production Market 

  1. TotalEnergies SE
  2. CNOOC Ltd
  3. Shell Plc
  4. Chevron Corporation
  5. ExxonMobil Corporation
  6. Africa Oil Corp.
  7. Nigerian National Petroleum Corporation
  8. Lekoil Nigeria Ltd.
  9. Pinnacle Oil and Gas Limited
  10. Midwestern Oil and Gas Company Limited
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Nigeria Offshore Oil and Gas Production Market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the Nigeria Offshore Oil and Gas Production Market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
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