Top 10 Oil and Gas Companies in Nigeria to Watch in 2024

Nigeria, the second largest economy in Africa, has a booming oil and gas industry that continues to attract significant attention. Here, we will present the top 10 oil and gas companies in Nigeria that are making waves in 2024 and beyond.

These companies have not only established a strong presence in the Nigerian oil and gas industry but have also demonstrated their ability to adapt and innovate in a rapidly changing global market.

Whether you are an investor, job seeker, or industry enthusiast, you will get valuable insights into the top players shaping the future of Nigeria’s oil and gas sector.

Lekoil Nigeria Ltd is a Nigerian independent oil and gas exploration and production company that has been making steady progress in the industry. The company’s operations focus on onshore and shallow water assets, with a particular emphasis on the Niger Delta region.

Lekoil Nigeria has achieved significant milestones in recent years. One notable accomplishment is the successful drilling of the Otakikpo Marginal Field, which has contributed to Nigeria’s oil production capacity. The company has also been actively exploring new opportunities and expanding its asset portfolio.

Looking ahead, Lekoil has ambitious plans for growth. The company aims to increase its production capacity and expand its exploration activities in order to tap into Nigeria’s vast hydrocarbon reserves.

Shell Nigeria is undoubtedly one of the leading oil and gas companies in Nigeria. With a history dating back to 1936, Shell Nigeria has established itself as a key player in the industry. The company’s operations cover a wide range of activities, including exploration, production, and transportation.

One of Shell Nigeria’s notable achievements is the successful development of the Bonga field, the country’s first deepwater oil discovery. This project has significantly contributed to Nigeria’s oil production capacity.

Chevron Nigeria is a subsidiary of the multinational energy corporation, Chevron Corporation. The company has a long history in Nigeria, dating back to the discovery of oil in the country in 1956.

One of Chevron Nigeria’s key projects is the Escravos Gas-to-Liquids (EGTL) plant, which converts natural gas into high-quality liquid fuels.

ExxonMobil Nigeria is a subsidiary of ExxonMobil Corporation, one of the largest publicly traded international oil and gas companies. The company’s operations in Nigeria span the entire value chain, from exploration and production to refining and marketing.

Ardova PLC, formerly known as Forte Oil, is a leading Nigerian integrated energy company. The company’s operations cover a wide range of activities, including fuel retailing, lubricant production, and marketing of petroleum products. Ardova PLC has made significant investments in infrastructure and technology to enhance its operations.

Addax Petroleum is a subsidiary of the China-based Sinopec Group, one of the largest integrated energy companies in the world. The company’s operations in Nigeria focus on exploration and production of oil and gas resources. In 2023, NNPC Limited took over its assets after the parent company exited Nigeria.

Oando PLC is a Nigerian integrated energy company with operations in upstream exploration and production, midstream services, and downstream marketing. The company has a diverse portfolio of assets and a strong presence in Nigeria’s oil and gas industry.
Oando PLC has achieved several notable milestones in recent years. The company successfully acquired ConocoPhillips’ Nigerian assets, significantly expanding its upstream portfolio.

Cambridge LNG is a Nigerian portfolio company focused on the production distribution and marketing of liquefied natural gas (LNG). The company aims to leverage Nigeria’s vast natural gas reserves to meet domestic and international demand for clean energy.

The Cambridge Growth Partners subsidiary also designs and develops LNG production facilities as well as the construction and management of LNG storage tanks and other necessary LNG infrastructure for smooth operations.

Frontier Oil is an independent Nigerian exploration and production company that has been operating in the country since 2001. The company’s operations focus on oil and gas assets in the Niger Delta region. The company’s focus on operational excellence and cost efficiency positions it well for success in the evolving oil and gas landscape.

Conoil is a Nigerian downstream oil and gas company with a strong presence in the country. The company’s operations cover a wide range of activities, including fuel retailing, lubricant production, and aviation services.

Conoil has a long history in Nigeria, dating back to 1927. The company has built a strong brand and a loyal customer base, thanks to its commitment to quality and customer service. Conoil has also made strategic investments in infrastructure to enhance its operations and expand its market reach.

These companies have demonstrated their ability to adapt and innovate in a rapidly changing global market, and their operations will continue to shape the future of Nigeria’s oil and gas sector.

Whether through exploration and production, refining and distribution, or the development of clean energy solutions, these companies are at the forefront of Nigeria’s energy transition. As investors, job seekers, or industry enthusiasts, keeping an eye on these top players will provide valuable insights into the evolving landscape of Nigeria’s oil and gas industry.