Nigeria Oil and Gas Upstream Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Nigerian oil and gas upstream market is expected to register a CAGR of more than 2.0% over the period of 2021-2026. As of January 2021, the number of rigs working in the offshore and onshore fields reduced drastically in the country, owing to the lack of investments and the negative impact of the COVID-19 pandemic. The country's economy has witnessed a significant contraction due to the decline in the revenues generated from the hydrocarbon industry. However, factors such as an anticipated recovery in demand for oil and gas and governmental push towards increasing exploration and production activities in the country are expected to aid the growth of the market. On the flip side, the country is plagued by political instability and large-scale corruption, which are expected to restrain the growth of the market.
Key HighlightsThe oil and gas upstream sector in the country is majorly dominated by government-owned companies. Private companies operate in joint ventures and collaboration with NNPC, the national oil company of Nigeria. Some of the key players operating in this market include Nigerian National Petroleum Corporation (NNPC), Royal Dutch Shell PLC, Chevron Corporation, Exxon Mobil Corporation, and Total SA.
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