Oil and Gas Companies in Nigeria 2019 The petroleum industry in Nigeria has always been a major source of income in the country; it is currently the source of 95% of Nigeria’s foreign exchange earnings. It is therefore obvious that oil and gas companies play a significant role in the Nigerian economy.
Oil and Gas Companies in Nigeria
Top Oil and Gas Companies in Nigeria 2019
Even though the oil and gas sector is undergoing some crisis right now with the fall of oil prices. Some companies still manage to stay afloat and rake in profit.
This is a list of the top 10 oil and gas companies in Nigeria. They are ranked according to their net worth.
1. Addax Petroleum.
Addax Petroleum was founded in 1994 and is a subsidiary of Sinopec Group, one of the largest oil and gas producers in China.
Over the years the company has evolved into a well established oil and gas producing company. It focuses majorly on Africa, the Middle East and the North Sea.
It’s net worth is valued at £17,676,239.
2. Hardy Oil and Gas Plc
Hardy oil and gas plc is a company that is based on oil and gas exploration and production. It is committed to raising the amount of oil in the Nigerian oil and gas reserves. It’s headquarters is in London. It’s net worth is valued at £67,619,000.
3. Nexen Inc
Nexen Inc is also a Chinese based company with parent company as CNOOC Limited. It has three growth strategies: oil sands and shale gas, oil exploration and development, and deep water exploration.
It’s net worth is valued at $333million
Petrobas is a Brazil owned oil and gas company with operations around the world and in Nigeria. The company was founded in 1997.
It’s major focus is on oil and gas, bio fuels and other alternative energy sources. It produces 2,539,000 barrels of oil per day. It’s net worth is valued at $73 billion.
5. Conoco Philips
This company is a multinational oil and gas company with headquarters in Houston, Texas. It is a Fortune 500 company and has operations here in Nigeria. Its net worth is valued at $100 billion.
Total is one of the largest oil and gas producers in Nigeria. It not only produces oil, it is also into chemical production, power generation, refining amongst other things. It’s head office is in Paris.
Its net worth is $120.2billion.
Statoil is a Norwegian based oil and gas producing company with headquarters in Stavanger, Norway. It has operations in thirty six countries (Nigeria inclusive). It was ranked as the world’s eleventh largest oil and gascompany in terms of profit by Forbes Magazine in 2013.
It’s net worth is $155.5billion.
Shell also known as Royal Dutch Shell is an oil and gas company with headquarters in Netherland. It was listed as the fourth largest company in the world in 2014. Shell also topped the 2013 list of Fortune 500 companies.
Its net worth is $213.1 billion.
Chevron is an American based multinational energy corporation. It’s headquarters is in San Ramon California. It has operations in about 180 countries (Nigeria inclusive). Last year, it ranked 3rd on the Fortune 500 list. The company doesn’t just focus on oil and gas, it also focuses on alternative power sources.
It’s net worth in is valued at $253.706 billion.
10. Exxon Mobil
Exxon Mobil is also an American based oil and gas company headquartered in Irving, Texas.
It was founded November 30th 1999 by the merger between Exxon and Mobil. It is the world’s fifth largest company by revenue and it also ranked second on the Fortune 500 list in 2014. It has a daily production of 3.921 million BOE.
It’s net worth is valued at $400.4billion.