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
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
- 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
- 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