Nigeria has a wealthy oil and gas industry. The country is one of the leading oil producers in Africa. Furthermore, Nigeria’s natural gas reserves are second only to Algeria’s on the continent. In this article, we will list 8 of the top oil and gas companies in Nigeria and some information about their history.
Oil and Gas Industry in Nigeria
The Nigerian oil and gas industry has a history that is as long as it is complicated. The sector’s roots date back to the late 1930s when Shell Oil Company started exploring petroleum in what was then called British Nigeria.
Today, with over two billion barrels of proven reserves and more than five million barrels per day (bpd) production capacity, Nigeria ranks among the top 10 producers of hydrocarbons globally.
Nigeria’s profitable oil and gas industry faces many obstacles, including theft, lack of infrastructure, corruption within government institutions, and risks associated with maritime activities.
In this article, we take a look at the top oil and gas companies in Nigeria.
Top Eight Oil and Gas Companies in Nigeria
Nigeria is one of the top ten oil and gas producing countries in the world. The country has a large population, which is why it needs to produce so much energy. This post will go through some of the Top eight Oil and Gas Companies in Nigeria.
1.ETERNA PLC
ETERNA PLC is one of the leading oil and gas companies in Nigeria. It operates in six states: Lagos, Ogun, Osun, Ekiti, Kwara, and Kogi. The company has been providing quality products to its customers for over forty years.
Recently ETERNA PLC has diversified into power generation by building a new solar plant that produces up to 300 megawatts of electricity per hour when fully operational.
ETERNA PLC is also involved in telecommunications through its subsidiary company Airtel-Nigeria which provides mobile telephony services across Nigeria.
In addition to these endeavors, the company also sponsors various sporting events throughout the country, including football tournaments like Premier League and Super Cup competitions.
- Industry: Oil & Gas Exploration & Production
- Employees: ~200 in Nigeria
- Founded: 1989
- Revenue Per Year (USD): $154.25 million
- Location: Lagos Nigeria
- Website: http://www.eternaplc.com/
2.ASHTAVINAYAK HYDROCARBON LIMITED
Nigeria is a country with vast oil and gas reserves, so it is not surprising that many companies are in this industry. One of these companies, Ashtavinayak Hydrocarbon Limited (ASHTAVINAYAK), has been operating for more than 15 years and employs over 1,500 people.
The company provides energy infrastructure for the Nigerian public through its pipeline network and provides lubricants to government agencies.
The company’s recent growth has been impressive. Synergy has seen a 50% increase in jobs created. With two new businesses – Midstream Services Nigeria Ltd., an upstream services provider, and Starlite Petroleum Marketing Company Ltd., They sell petroleum products in the Nigerian market.
- Industry: Oil & Gas Exploration & Production
- Location: Lagos Nigeria
- Founded: 2004
- Revenue Per Year (USD): $11.38 billion
- Mobile: +234-8071091891
3.BRASS LNG LIMITED in Nigeria
Brass LNG Limited is a subsidiary company of the Brass Development Corporation. They provide engineering, procurement construction, and commissioning services to oil companies in Nigeria. Their work ranges from gas production plants or pipeline installation to offshore platform maintenance, which is located mainly onshore and offshore West Africa.
They recently provided engineering design and fabrication management and erection supervision support services for plant components at the Bonny Island Gas Plant. They did this on a turnkey contract basis at an approximate cost of US$175 million.
- Industry: Oil & Gas Exploration & Production
- Location: Lagos Nigeria
- Founded: 2003
- Revenue Per Year (USD): $13 billion
- Mobile: +234-8071091891
4.EER (COLOBUS) NIGERIA LIMITED
EER (COLOBUS) Nigeria Limited is an indigenous Nigerian oil and gas company focusing on hydrocarbons exploration. It has been operating in the country since 1994. The firm operates from several locations, including Lagos, Imo State, and Warri; it also has operations outside of Nigeria, such as Algeria, where its subsidiary COLOFID operates through production sharing agreements with Sonatrach or Total of France, respectively.
The Managing Director/Chief Executive Officer & Chairman of EER (COLOBUS) NIGERIA LIMITED is Mr. Jide Omokore, who founded the company at Ackwhinny Garden Estate in Ikoyi, Lagos, after completing his engineering studies abroad when he returned to Nigeria. He was responsible for the company’s establishment and its operations.
- Industry: Oil & Gas Exploration & Production
- Location: Lagos Nigeria
- Founded: 2005
- Revenue Per Year (USD): $13 billion
- Website: http://www.eeras.com/
5.YINKA FOLAWIYO PETROLEUM COMPANY LIMITED
One of Nigeria’s leading oil and gas companies is Yinka Folawiyo Petroleum Company. The Nigerian company operates in the exploration, production, refining, and distribution sectors of Nigeria’s oil industry.
Chief Yinka Folawiyo founded Produco International Nigeria Limited in 1990. He is a veteran of the energy industry, with 25 years of experience as an engineer at Shell Overseas Trading Ltd., London UK. Yinka Folawiyo has dedicated his life to the business world. Before moving to the Benin Republic and becoming Managing Director/CEO of Produco International Nigeria Limited, he was a successful businessman in Nigeria.
- Industry: Oil & Gas Exploration & Production
- Location: Lagos Nigeria
- Founded: 1982
- Revenue Per Year (USD): $12 billion USD
- Website: https://yinkafolawiyogroup.com/home/yinka-folawiyo-group
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6.SHELL NIGERIA ULTRA DEEP LIMITED
Shell Nigeria Ultra Deep Limited is a wholly-owned subsidiary of Royal Dutch Shell. It operates in three oil blocks, namely, OML 120 (Akpajo), OSM 29, and OSM 30, with estimated recoverable reserves to the order of 850 million barrels.
On March 31, 2001, the company was established by the government of Nigeria and Shell Overseas Holdings BV for exploration work surrounding offshore deep petroleum resources in Nigeria. While not listed as one of the indigenous oil companies operating in Nigerian territory, it had been ranked among the top ten oil production firms since its establishment 16 years ago.
- Industry: Oil & Gas Exploration & Production
- Founded: 1993
- Location: Port Harcourt Nigeria
- Website: www.shell.com.ng
7.TALEVERAS GROUP OF COMPANIES LIMITED
The Taleveras Group is an oil and gas exploration company incorporated in Nigeria. It was established in 2004 by the late Chief Dr. Dauda Muhammed Taleveras, along with his two sons, Abdul-Aziz and Afeez.
Established as a family business from inception, it has grown into one of the largest indigenous oil and gas companies in Nigeria, activities within the West African region.
The firm currently operates onshore, offshore, and deep-sea sectors of Nigeria’s petroleum sector through its subsidiaries: TGM Oil & Gas Services Limited (TOGS) Nig Ltd., North Energy Engineering Company Limited (NEECO), Oando Upstream Ventures Limited (OUV), and more.
- Industry: Oil and Gas Exploration & Production, Storage and Distribution
- Founded: 2004
- Location: Portharcourt Nigeria
- Website: https://taleveras.com/
8.DOXA INT’L ENGINEERING SERVICES LTD
Doxa International Engineering Services Ltd is an oil and gas company in Nigeria. The company was incorporated on November 11, 1997, with its headquarters located at Port Harcourt. Doxa has two main subsidiaries; Doxa Petroleum & Chemicals Limited (DPCL), which provides services to the downstream petroleum industry, and MTN Oilfield Equipment Company, limited supplies equipment for oilfields.
The company’s major stakeholders are John K George – 55%, Fola George- 22%and Jagun Elokobi – 23%. Total shares in possession of JKF companies account for about 45%of total stock market capitalization, while JEl accounts for 20%and FFG accounted for 25%. In 2017, the Nigerian National Petroleum Corporation (NNPC) awarded Doxa Petroleum & Chemicals Limited, a contract for developing an oil and gas pipeline in Nigeria.
- Industry: Oil and gas
- Founded: 1997
- CEO: John K George
- Location: Port Harcourt, Nigeria
- Website: http://www.doxaintl.com/
FAQ
1.How many oil and gas companies are in Nigeria?
Nigeria has the world’s eighth-largest oil reserves at 157 billion barrels as of 2013. In 1971, it became an OPEC member state and, in 1992, led to a military coup. The country operates three active petroleum refineries but still imports some petroleum products due to bottlenecks within its geographical location and insufficient infrastructure for refining capacity.
2.Which is the richest oil company in Nigeria?
The Nigerian Petroleum Development Company, better known as NPDC, was created to act as the sole national operator of downstream activities, with Shell and Chevron serving as partners. This year, the company slashed its capital expenditure by 62% to $4 billion because of low oil prices. Shell also cut their investments by 41%.
3.Where is oil and gas found in Nigeria?
The story behind this is that before pipelines were developed in the early 20th century and well drilling technology was advanced, virtually all personal and industrial petroleum extraction relied on coal beds or shallow surface deposits where crude could be skimmed off directly with buckets.
Coalbeds lasted about six months, and often a whole village would club together to get them restarted again when everyone started getting hungry from lack of cooking oil (since there was no gas stove back then).
Conclusion:
Now you know some of the important information about oil and gas companies in Nigeria. If you find this information useful, be sure to share it with your friends.
