Trade & Investment
Oil & Gas Industry
Oil, natural gas and other oil and gas related products account for 90% of the total export volume and more than 80% of the government revenues. The country produces a daily average of 2.5 million barrels of crude oil which ranks it as the largest African producer and the 6th in the world. In terms of oil export volumes, Nigeria ranks 8th globally.
The Nigerian oil & gas sector is regulated in accordance with the Petroleum Industry Act. The country is a member of the Organization of Petroleum Exporting Countries (OPEC). Major international oil companies (IOC) currently operating in the country include: Total, Chevron, ExxonMobil, Elf, Shell, ConocoPhillips, Lukoil, Gazprom and Eni. They are collectively responsible for over 45% of Nigeria’s oil production and 40% of its gas sales. However, despite the profitability of their Nigerian assets, International Oil Companies have been under increased shareholder pressure to accelerate their energy transition strategies. They’re reshaping their global portfolios towards lower emissions intensity operations and divesting non-core assets.