10 Best Oil & Gas Companies in Nigeria

02 Oct 2025

The oil & gas industry in Nigeria is a major pillar of the economy, contributing large shares of export earnings, foreign exchange, government revenue, and employment. Companies in this sector fall into upstream (exploration & production of crude oil and natural gas), midstream (transportation, storage, gas processing), and downstream (refining, fuel marketing, distribution, petrochemicals). The best performing firms are those that combine high production volumes, diversified asset portfolios (offshore, onshore, deepwater), efficient operations, strong local content compliance, and good relationships with regulators and local communities. In recent years, indigenous oil & gas companies have become even more prominent, acquiring assets formerly held by multinational corporations, as part of divestment trends and policies encouraging local participation. Examples include Seplat Energy, Aiteo, and Oando growing via acquisition and expanding gas business. At the same time, multinationals like TotalEnergies and Shell still retain important roles, particularly offshore and in sectors that require large capital investment. Challenges in the sector include pipeline vandalism and oil theft, environmental degradation (especially in the Niger Delta), regulatory and policy uncertainty, infrastructure deficits, and fluctuating global oil prices. Also, refining capacity in Nigeria has long been inadequate, so the growth of large/refined capacity players (like Dangote Refinery and Petrolex) is critical to reducing dependence on imports. Gas utilization (for domestic power, cooking, LNG etc.) is an area of growth and policy focus, especially under the Nigeria Gas Expansion Programme. Regulatory reforms (like the Petroleum Industry Act) are reshaping the environment, affecting licensing, fiscal terms, local content and sustainability. Companies that can adapt to changing policies, maintain operational integrity, and invest in infrastructure & clean energy are best-positioned going forward.