Nigeria Petroleum Industry Report 2023: Key Information on New Projects, Investments, Corporate Actions and Developments - Yahoo Finance

Nigeria Petroleum Industry Report 2023: Key Information on New Projects, Investments, Corporate Actions and Developments

Dublin, July 14, 2023 (GLOBE NEWSWIRE) -- The "The Petroleum Industry in Nigeria 2023" report has been added to ResearchAndMarkets.com's offering.

This report on the petroleum industry in Nigeria includes information on the state and size of the upstream, downstream and gas subsectors, infrastructure, economic contribution, reserves, production, consumption, wholesale, retail and distribution. There is information on new projects, investment, corporate actions and developments.

There are profiles of 41 notable companies including state-owned Nigerian National Petroleum Corporation (NNPC), which is a major commercial player, multinational majors such as Chevron, Shell, TotalEnergies and ENI, local downstream companies such as Matrix Energy, Northwest Petroleum & Gas, Swift Oil, Mainland Oil & Gas, Optima Energy Resources, Ashrami Synergy and Pinnacle Oil & Gas, and companies operating in the gas sector such as NIPCO and Techno Oil.

While Nigeria remains one of the biggest oil producers in Africa, crude oil production has declined in recent years due to underinvestment, sabotage, and oil theft, which experts estimate accounts for about 10% to 20% of the country's oil production. Oil production increased in the first quarter of 2023, but production is lower than the average in 2021.

The country relies on imports for almost all its fuel needs, as all four state-owned refineries remain shut for maintenance. The Dangote refinery, the continent's largest refinery, was commissioned in May 2023, and is expected to help reduce the country's reliance on fuel imports once it comes fully online.

Developments

In May 2023, the government removed a fuel subsidy which had made the country's petrol one of cheapest in the world, but which resulted in significant wastage. Government spending on the fuel subsidy amounted to about 2% of GDP and was equivalent to a third of oil revenues in 2021. The petrol price effectively doubled after removal of the subsidy.

The Petroleum Industry Act, enacted in 2021, is expected to help deregulate the downstream sector and encourage more investment in oil production. The government is also looking to promote natural gas as a transition energy, which could result in liquid natural gas (LNG) production being ramped up.

Key Topics Covered:

1. INTRODUCTION

2. COUNTRY INFORMATION

3. DESCRIPTION OF THE INDUSTRY

3.1. Industry Value Chain

3.2. Geographic Position

3.3. Size of the Industry

3.4. Key Trends

3.5. Key Issues

4. LOCAL

4.1. State of the Industry

4.2. Key Trends

4.3. Notable Players

4.4. Trade

4.5. Corporate Actions

4.6. Regulations

4.7. Enterprise Development and Social Economic Development

5. AFRICA

6. INTERNATIONAL

7. INFLUENCING FACTORS

7.1. Economic Environment

7.2. Labour

7.3. Environmental Issues

7.4. Technology, Research and Development (R&D) and Innovation

7.5. Input Costs

7.6. Pricing

7.7. Local Content

7.8. Gas Flaring

7.9. Corruption

7.10. Theft, Sabotage and Security

7.11. Safety

8. COMPETITIVE ENVIRONMENT

8.1. Competition

8.2. Ownership Structure of the Industry

8.3. Barriers to Entry

9. SWOT ANALYSIS

10. OUTLOOK

11. INDUSTRY ASSOCIATIONS

12. REFERENCES

12.1. Publications

12.2. Websites

APPENDICES
Appendix 1 - Summary of Notable Players

COMPANY PROFILES
11 PLC
A. A. Rano Nigeria Ltd
A.Y.M. Shafa Holdings Ltd
AIPCC Energy Ltd
Amni International Petroleum Development Company Ltd
Aradel Holdings Plc
Ardova PLC
Asharami Synergy Plc
Azikel Group Ltd
BOVAS and Company Ltd
Chevron Nigeria Ltd
CNOOC Ltd
Conoil PLC
Danmarna Petroleum Ltd
Emadeb Energy Services Ltd
Eni SpA
Equinor ASA
Heyden Petroleum Ltd
Mainland Oil & Gas Company Ltd
Masters Energy Oil and Gas Ltd
Matrix Energy Ltd
MRS Oil Nigeria PLC
Nepal Energies Ltd
Nigeria LNG Ltd
Nigerian National Petroleum Company Ltd
NIPCO PLC
Northwest Petroleum and Gas Nigeria Ltd
Omsa Pillar Astex Company Ltd
Optima Energy Resources Ltd
Oriental Energy Resources Ltd
Pinnacle Oil & Gas Ltd
Quest Oil Group Ltd
Rainoil Ltd
Seplat Energy PLC
Shell PLC
South Atlantic Petroleum Ltd
Swift Oil Ltd
Techno Oil Ltd
TotalEnergies Marketing Nigeria PLC
Waltersmith Petroman Oil Ltd
West African Exploration and Production Company Ltd

For more information about this report visit https://www.researchandmarkets.com/r/ba0b1c

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