5 Richest Oil and Gas Companies in Nigeria (2024)

The Nigerian oil industry is without a doubt the country’s main source of revenue. Petroleum still outperforms agriculture and tourism, despite government plans to invest in these areas.

Long acknowledged as a pillar of Nigeria’s economy, the oil and gas sector has a major influence on both the country’s GDP and general economic growth.

A major turning point for the economy of Nigeria was the discovery of oil in the 1950s, which catapulted it into the international scene and created a plethora of economic opportunities. The sector has encouraged the creation of jobs both directly and indirectly and drawn in foreign direct investment.

Richest Oil and Gas Companies in Nigeria

There are a lot of oil and gas companies currently in Nigeria, and they are undoubtedly among the richest companies in Nigeria. If you’re curious about which companies among the many oil and gas companies we have in Nigeria are the richest, then you’re in the right place. Let’s explore the 5 richest oil and gas companies in Nigeria.

1. ExxonMobil Nigeria

With an estimated net worth of $400 billion, Exxon Mobil is the leading oil and gas company not just in Nigeria but the whole world as well.

Exxonmobil began its operations in Nigeria in 1995, as the Mobil Producing Nigeria (MPN) with shallow water operations. The company currently owns over 90 platforms and 300 producing wells spanning over a distance of 3,200 square kilometers.

Exxon has an affiliate Esso Exploration and Production Nigeria Limited (EEPNL) operating in the deep waters of Nigeria, with interests in the Erha, Usan, and Bonga developments.

2. Chevron Nigeria Limited

Chevron Nigeria Limited is one of the largest oil producers in Nigeria. It is a subsidiary of Chevron Corporation that was previously operating in Nigeria under the business name of Gulf Oil Company. Following several mergers, the company changed its name to Chevron Nigeria. Chevron has an estimated net worth of 284 billion dollars.

Chevron Nigeria Limited operates a joint venture with the Nigerian National Petroleum Corporation (NNPC) in the shallow and inland waters of Nigeria.

Chevron started its activities in Nigeria in 1961 as a joint venture between Texaco and Standard Oil Company of California (Chevron), under the business name, American Overseas Company (Amoseas).

The company obtained oil acreage license in 1961, and began drilling operations two years later in 1963, but only began production after the Biafran War. Operation began at an average of 2,500 barrels of oil per day, and increased significantly to 65,000 barrels of oil per day in 1984. In 1970, Texaco Overseas Company of Nigeria became the name the firm operated under.

With its discovery of the large Okan field, at Escravos River in 1963, Chevron went down in history as the first oil major oil and gas company to discover commercially viable offshore oil. The capacity of the field was impressive, with up to 800 million barrels of recoverable crude oil and 2 billion barrels of oil in place.

3. Shell Petroleum Development Company of Nigeria Limited

Shell is estimated to be worth at least $214 billion, making it among the richest oil and gas companies in Nigeria. Shell started its operations in Nigeria in 1938 under the name “Shell D’Arcy”.

The company obtained an exploration license in 1938 and discovered the first commercial oil field at Oloibiri in the Niger Delta in 1956. It began oil exports in 1958.

Shell Petroleum Development Company (SPDC) operations span over 6,000 kilometers of pipelines and flowlines, over 1,000 producing wells, 87 flow stations, and 8 natural gas plants, making it the largest fossil fuel company in Nigeria.

4. Agip Oil Company Limited

Eni, the parent company of Nigerian Agip Oil Company, has been operating in Nigeria since 1962 and has been steadily growing over the years. Eni has established two other subsidiaries in Nigeria, namely the Agip Energy and Natural Resources (AENR), and the Nigerian Agip Exploration (NAE).

The Agip Energy and Natural Resources (AENR) was established in 1980, with a focus on shallow water exploration while the Agip Energy and Natural Resources (AENR), was established in 1996 with a focus on deepwater exploration.

Agip has an estimated net worth of $116 billion.

5. Equinor Nigeria

Equinor, formerly known as Statoil, is the largest Norwegian business globally and one of the richest oil companies in Nigeria. Since Equinor started its operations in Nigeria, it has contributed significantly to the development of Agbami, the largest deepwater field in the nation.

It accomplished this by using one of the largest floating production, storage, and offloading vessels in the world which can store up to 2.2 million barrels of oil.

In addition to its operations in oil and gas, Equinor has engaged in quite a bit of community service. Through the Akassa Develoits Foundation, the company has assisted the Akassa Community in Brass Local Government Area, Bayelsa State, for more than 20 years. They have provided empowerment initiatives that include community center donations, vocational training, and the empowerment of women and children.

Since 2008, 16,000 medical and engineering students have received scholarships from Equinor and Agbami partners, who have also funded 28 fully furnished chest clinics to help battle the tuberculosis pandemic in Nigeria.

Through the implementation of projects around the nation, Equinor is collaborating with other Agbami partners to guarantee that Nigerians have access to technical skills, high-quality education, and employment opportunities.

Conclusion

As the biggest exporter of petroleum in Africa, it is not a surprise that Nigeria houses a lot of rich oil and gas companies.

The above oil companies are the richest in Nigeria and have enjoyed great success since their establishment. They have succeeded in creating countless job opportunities for the masses and contributed immensely to the economy of the country.