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

The Nigeria offshore oil and gas production market was valued at US$ 34.18 billion in 2023 and is projected to reach US$ 47.03 billion by 2031; the market is expected to register a CAGR of 4.1% during 2023-2031.

Nigeria has been the largest crude oil producer in Africa for many years. According to the Nigerian Upstream Petroleum Regulatory Commission, the total volume of crude oil (including condensate) produced in the country accounted for 552.84 million barrels in 2023. However, disruptions in production outages or unplanned production in the country resulted in declining crude oil production below Angola, which is the second-largest producer in the region. Nigeria faced a decline in oil production during 2008-2010, 2016-2018, and 2022 owing to the recession, militant strikes on oil infrastructure, facility closure & oil worker strikes, respectively. Oil and gas are utilized in various applications, including power generation, transportation, industrial, and others. The increase in demand for natural gas in the sectors mentioned above, owing to its lower carbon emissions as compared to oil, fuels the Nigeria offshore oil and gas production market growth.

The Nigeria offshore oil and gas production market is segmented on the basis of type, and application. Based on type, the market is divided into crude oil and natural gas. Furthermore, the crude oil is the dominant segment in the Nigeria offshore oil and gas production market owing to the high demand for Nigerian crude oil from its importars. By applications, the market is categorized into Power Generation, Transportation, Industrial, and Others. Furthermore, the transportation segment dominated the market in 2023 and is also expected to maintain its dominance during the forecast period. Power generation segment is expected to grow at a CAGR of 5.7% during the forecast period owing to the rise in demand for natural gas in power generation.

The Nigeria offshore oil and gas production market analysis is carried out by identifying and evaluating key players in the market. TotalEnergies SE, CNOOC Ltd, Shell Plc, Chevron Corporation, ExxonMobil Corporation, Africa Oil Corp., Nigerian National Petroleum Corporation, Lekoil Nigeria Ltd., Pinnacle Oil and Gas Limited, and Midwestern Oil and Gas Company Limited are among the key players analyzed in the Nigeria offshore oil and gas production market report. The Nigeria offshore oil and gas production market report also includes growth prospects in light of current Nigeria offshore oil and gas production market trends and driving factors influencing the market growth.

The Nigeria offshore oil and gas producers are focusing more on the offshore natural gas production as compared to the crude oil production owing to the gas initiative by the country to remain competitive in the market. The offshore exploration and production is a major part of the oil and gas upstream sector. The Nigerian government is engaged in taking initiatives to increase the production of oil and gas and attract international oil and gas producers to the country. In August 2021, the Nigerian government passed the Petroleum Industry Act. The new act is aimed at attracting investor interest in the upstream development and addressing grievances of communities affected by oil exploration and production.

Companies operating in the Nigeria offshore oil and gas production market highly adopt inorganic strategies such as mergers and acquisitions, partnership, agreement, and business expansion. The market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. The players present in the market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings to increase their Nigeria offshore oil and gas production market share.

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