Nigeria Oil and Gas Fishing Market Size and Forecast, Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product, Application, and Country

The Nigeria oil and gas fishing market size is projected to reach US$ 64.71 million by 2031 from US$ 44.34 million in 2023. The market is expected to register a CAGR of 4.8% during 2023-2031.

Rise in Export of Crude Oil and Gas from Nigeria is Boosting the Nigeria Oil and Gas Fishing Market

Nigeria exports to Asia Pacific, Europe, and South America, which have rapidly increased the demand for crude oil and gas. According to the Nigerian Bureau of Statistics, the crude oil sector is the major revenue contributor to the total exports from Nigeria, with more than 87% of the total exports in the first quarter of 2024 valued at US$ 24.2 billion. The Nigerian government is taking initiatives to facilitate the natural gas sector growth and increase gas production owing to the rise in demand for natural gas as an energy transition fuel. This fuels the drilling and production activities in onshore and offshore wells.

For instance, in March 2021, the Nigerian government launched the Decade of Gas initiative that focused on investment and planning the development of natural gas resources, increasing the export of natural gas to benefit economic growth. Such initiatives are boosting the growth of the natural gas sector and activities of exploration, drilling and production, which fuels the demand for fishing tools and services in the country. Thus, the rise in exports of crude oil and gas drives the Nigeria oil and gas fishing market.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commenced the 2024 Licensing Round during the Offshore Technology Conference in Houston, Texas. This is one of the major steps taken by Nigeria's government to develop its oil & gas sector and draw the attention of international stakeholders. The Licensing Round provides exploration blocks with substantial economic capability, reinforced by a regulatory framework concentrated on the policies under the Petroleum Industry Act 2021. The major oil & gas companies, such as TotalEnergies, are planning to leave Nigeria's onshore oil market. TotalEnergies and its partners declared the beginning of production from the Akpo West field on the PML2 license in Nigeria.

By the middle of 2024, Akpo West is anticipated to add 14,000 barrels of production per day, followed by up to ~4 million cubic meters of gas per day by 2028. Shell has declared to sell its onshore Nigerian subsidiary, Shell Petroleum Development Company of Nigeria, to Renaissance, which is anticipated to benefit Shell's Bonga offshore platform in Nigeria's Gulf of Guinea. Key oil and gas companies such as Royal Dutch Shell, Chevron, Total SA, ExxonMobil, and Sterling Exploration are taking initiatives toward firming their position in the offshore oil & gas sector in Nigeria. Initiatives by the government and leading operators in the oil & gas industry are boosting the growth of the oil & gas industry in Nigeria, thereby propelling the growth of the oil & gas fishing market in the country.

The Nigeria oil and gas fishing market analysis is carried out by identifying and evaluating key players in the market. Archer Nigeria Limited, Baker Hughes Co, Equity Petroleum Services Nigeria Ltd., NOV Inc., Schlumberger Ltd., Tecon Oil Services Ltd., Weatherford International Plc, Halliburton, Samtex Oilfield Services Nigeria Limited, and Uniterm Nigeria Limited are among the key players covered in the Nigeria oil and gas fishing market report. The report includes growth prospects in light of current Nigeria oil and gas fishing market trends and driving factors influencing the market growth.

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