Oil and gas industries are among the most profitable and marketable industries in the world today due to the continuous need for energy to run the day-to-day activities. Oil refers to petroleum while gas refers to natural gas.
Nigeria is one of the few countries blessed with both oil and gas making it an investment destination for many oil and gas companies in the world.
Over the years, there has been a continuous rise of oil and gas companies in Nigeria with some taking a large portion of the market while others are relatively unknown. In this article, you will find the top 10 oil companies in Lagos.
Shell Nigeria is not just a top oil and gas company in Lagos but also one of the highest paying in Nigeria. The company carries out its operations in Nigeria through the Shell Petroleum Development Company of Nigeria Limited (SPDC) and three other subsidiaries. Shell Nigeria is also one of the largest oil and gas companies in Nigeria as it accounts for more than 21% of the total petroleum production in the country.
The company started operation in Nigeria as early as 1937 and began its oil exploration in 1956. Shell Nigeria discovered the first commercial oil field in Nigeria and still retains its position as a market leader to date.
Chevron Nigeria Limited is one of the largest oil and gas companies in Nigeria and one of the major competitors of Shell Nigeria. The company began operations in Nigeria as the American Overseas Company (Amoseas) before changing its name to Chevron after several acquisitions and mergers. Chevron Nigeria Limited is now a subsidiary of Chevron Corporation.
Chevron once held the position of the third largest oil producer in Nigeria before its activities were disrupted by the violence and unrest that rocked the Niger Delta. However, it still remains one of the top oil producers with a production capacity of 194,000 barrels per day as of 2018.
ExxonMobil is one of the largest oil producers in the world and the second largest oil producer in Nigeria after Shell. The company operates in Nigeria through its three subsidiaries. ExxonMobil only operates offshore platforms owning about 90 platforms in a territory of 3,200 square kilometers. The company explores, refines and distributes petroleum through its subsidiary – Mobil Producing Nigeria.
Total Nigeria Plc is a subsidiary of Total Group – one of the largest oil and gas manufacturing companies in the world. Total Nigeria was incorporated in 1956 and has since grown to be the leader in the downstream oil and gas industry in Nigeria. The company also boasts of an extensive distribution network of 500 service stations which delivers its wide range of products and services to consumers.
The Nigerian National Petroleum Commission is an oil organization owned and operated by the Nigeria government. The corporation was established with aim of regulating the country’s petroleum industry, however, it is also involved in the production of petroleum products and the refining of crude oil just like other oil and gas companies.
NNPC also has a large number of service stations spread across the country which makes up its distributive network. NNPC carries out its commercial and economic activities through a number of subsidiaries. Although its head office is located in Abuja, it has several offices in Lagos and remains one of the largest oil and gas companies in the city.
- Addax Petroleum
Addax Petroleum is one of the fairly new oil and gas companies in the world. The company was established in 1994 which makes it a beginner in the oil and gas industry compared to key players like Chevron, Total, and ExxonMobil. However, the company was formerly a part of the Addax & Oryx Group of Companies (AOG) founded in 1987.
Addax Petroleum was established with the aim of focusing on the African continent. In 1998, it acquired Ashland Oil Nigeria which gave a position in the Nigerian oil and gas industry.
- Nigerian Agip Oil Company
Nigerian Agip Oil Company (NAOC) was established in 1962 when its parent company Eni commenced activities in Nigeria. The company operates in the shallow waters offshore and been quite successful in the commercial discovery of crude oil in Nigeria. Its success led to the establishment of several other companies including the Agip Energy and Natural Resources.
NAOC is one of the largest oil producers in Nigeria and a big market contender. It continues its rise to the top through its acquisition of several stakes in top companies in the oil and gas industry.
- Equinor Nigeria
Equinor Nigeria is a subsidiary of Equinor – a Norwegian multinational company involved in the development of oil, gas, solar and wind energy in more than 30 countries.
Equinor Nigeria was established in 1992 and currently has a total oil production capacity of 45,000 barrels daily generating revenue in excess of $749.8 million. The company operates an offshore deepwater field in Agbami.
Seplat is one of the largest indigenous oil and gas production companies in Nigeria. The company unlike others on our list has its main focus on Nigeria with its activities based on upstream exploration and production. The oil and gas company is listed on the Nigerian Stock Exchange and the London Stock Exchange.
Seplat can be considered a newcomer in the oil and gas industry since it began production in 2001. However, it has quickly grown to be one of the leading indigenous oil and gas operators in Nigeria. Seplat has a production capacity of 50,000 barrels per day.
- Oando Plc
Oando Plc is one of the largest indigenous oil and gas producers in Nigeria. Since its inception, the company has gone through several acquisitions and mergers before finally arriving at its present name.
The company is listed on the Nigerian Stock Exchange and produces a number of products including oil, petroleum, natural gas, petrochemical, fuel, and lubricant. It reportedly generated revenue in excess of N297.3 billion in 2016 and currently has a workforce of over 1,000 highly skilled personnel.
That wraps up our list of top 10 oil and gas companies in Lagos.