Market Size of Nigeria Oil And Gas Industry
Study Period | 2019-2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR (2024 - 2029) | 1.39 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Nigeria Oil and Gas Market Analysis
The Nigeria Oil And Gas Market size in terms of production volume is expected to grow from 4.60 Billion cubic feet per day in 2024 to 4.93 Billion cubic feet per day by 2029, at a CAGR of 1.39% during the forecast period (2024-2029).
- Over the medium term, the abundant oil and gas reserves coupled with increasing foreign investment in the oil and gas sector in the country are expected to drive the market.
- On the other hand, vandalization and threats by militants on oil and gas infrastructures and increasing volatility in crude oil and gas prices are expected to hinder the market's growth during the forecasted period.
- Nevertheless, increasing developments in the country's downstream sector are expected to create significant opportunities for the market players during the forecasted period.
Nigeria Oil and Gas Industry Segmentation
The oil and gas industry refers to the sector involved in the exploration, extraction, refining, transportation, and distribution of petroleum products, natural gas, and related resources. It encompasses various activities and processes that are essential for the production and utilization of hydrocarbon-based energy sources.
Nigeria's oil and gas market is segmented by sector. By sector, the market is segmented into Upstream, Midstream, and Downstream. The report offers the size and forecasts for the oil and gas markets in production volume for all the above segments.
By Sector | |
Upstream | |
Midstream | |
Downstream |
Nigeria Oil And Gas Market Size Summary
The oil and gas industry in Nigeria is poised for growth, driven by abundant reserves and increasing foreign investments. The upstream sector, which focuses on exploration and production, is particularly significant due to Nigeria's vast untapped hydrocarbon resources both offshore and onshore. This sector not only generates substantial revenue for the government through taxes and royalties but also attracts investment due to its economic benefits. Technological advancements in exploration and production techniques have further enhanced the sector's potential, allowing access to previously unreachable reserves. However, challenges such as infrastructure vandalization, militant threats, and price volatility pose risks to market growth. Despite these challenges, developments in the downstream sector present opportunities for market players.
Nigeria's natural gas sector is also expected to see significant growth, supported by increasing investments in infrastructure and a global shift towards cleaner energy sources. The country's large natural gas reserves offer potential for both domestic use and export, aligning with global demand for transition fuels. Government initiatives like the Nigerian Gas Master Plan aim to increase the share of natural gas in the energy mix, reducing reliance on other fossil fuels. Although production has faced challenges, new infrastructure projects and discoveries, such as the gas field at OML 102, are anticipated to boost the sector's performance. The market is semi-consolidated, with major players including the Nigerian National Petroleum Corporation, Shell, TotalEnergies, Chevron, and Exxon Mobil, who continue to engage in strategic agreements and projects to enhance production and supply capabilities.
Nigeria Oil And Gas Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Oil and Gas Reserves, 2012-2023
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1.3 Crude Oil Production Forecast, till 2029
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1.4 Natural Gas Production Forecast, till 2029
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1.5 Active Rig Count in Nigeria, till 2023
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1.6 Recent Trends and Developments
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1.7 Government Policies and Regulations
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1.8 Market Dynamics
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1.8.1 Drivers
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1.8.1.1 Abundant Oil and Gas Reserves
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1.8.1.2 Growing Investments in Natural Gas Infrastructure
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1.8.2 Restraints
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1.8.2.1 Vandalization and Threats By Militants On Oil And Gas Infrastructures
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1.9 Supply Chain Analysis
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1.10 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 By Sector
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2.1.1 Upstream
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2.1.2 Midstream
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2.1.3 Downstream
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Nigeria Oil And Gas Market Size FAQs
How big is the Nigeria Oil And Gas Market?
The Nigeria Oil And Gas Market size is expected to reach 4.60 billion cubic feet per day in 2024 and grow at a CAGR of 1.39% to reach 4.93 billion cubic feet per day by 2029.
What is the current Nigeria Oil And Gas Market size?
In 2024, the Nigeria Oil And Gas Market size is expected to reach 4.60 billion cubic feet per day .