Nigeria Oil and Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Nigerian oil and gas market is expected to register a CAGR of more than 2% during the forecast period. The COVID-19 pandemic has significantly hampered the growth of the market, mainly due to global oil and gas demand contraction and global economic slowdown. The outbreak of COVID-19 led to the crude oil price crash of April 2020, leading to a significant reduction in CAPEX spending by oil and gas companies globally. The country’s national oil and gas companies were already struggling with liquidity and cash shortage, and due to the outbreak of COVID-19, the situation has further deteriorated. However, some of the major factors driving the market include increasing investments in the upstream sector and the development of large-scale and modular refineries in the country. Oil and gas production had been hampered in Nigeria in the past few years due to the attack on oil and gas infrastructure by militants. Furthermore, oil theft has been one of the major issues faced by the oil and gas market in Nigeria, which resulted in huge losses to operating companies in the country. Such factors are expected to have a negative impact on the market growth during the forecast period.
Key HighlightsThe Nigerian oil and gas market is moderately consolidated. Some of the major players operating in the market include Nigerian National Petroleum Corporation (NNPC), Royal Dutch Shell PLC, TotalEnergies SE, Chevron Corporation, and Exxon Mobil Corporation.
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