Many oil and gas firms operate in Nigeria. Some of these companies are indigenous, while others are foreign multinationals with several branches across the country. In this article, we highlight the top 10 oil companies in Nigeria and their net worth.
Top 10 Best Oil Companies In Nigeria And Their Net Worth
1) ExxonMobil
Net Worth: $400.4 Billion
ExxonMobil is an American multinational headquartered in Irving, Texas. It was formed on November 30th, 1999, after the merger of Exxon and Mobil. Because of this merger, the company became the world’s fifth-largest firm by revenue and ranked second on the Fortune 500 list in 2014.
Today, ExxonMobil produces 3.9 million barrels daily, making it the largest oil company in Nigeria. Over the years, the company has evolved from a regional kerosene seller into one of the biggest publicly traded energy corporations in the world. It continues to use innovative technologies to solve global energy demands.
2) Chevron
Net Worth: $253.7 Billion
Chevron is an American energy giant headquartered in San Ramon, California. It operates in over 180 countries, including Nigeria. Furthermore, the company ranked 3rd on the Fortune 500 list.
Although Chevron focuses heavily on oil and gas, it also invests in renewable energy such as wind, hydrogen, and geothermal power. In addition, it merged with Texaco in 2000 and later acquired Unocal for $18.4 billion in 2005.
"Give thanks to the Lord for He is good: His love endures forever."
3) Shell (Royal Dutch Shell)
Net Worth: $213.1 Billion
Royal Dutch Shell is a British-Dutch multinational with headquarters in the UK and the Netherlands. Notably, it ranked as the 4th largest company in the world in 2014 and topped the Fortune 500 list in 2013.
Shell was established in 1907 after the merger between the Royal Dutch Company and the Shell Transport and Trading Company. It is also one of the major companies listed on the Nigerian Stock Exchange.
4) Statoil (Equinor)
Net Worth: $155.5 Billion
Statoil, now known as Equinor, is a Norwegian energy company based in Stavanger. It operates in 36 countries, including Nigeria. According to Forbes, it ranked as the 11th largest oil company in 2013.
Since the early 1990s, Statoil has built a strong global presence across Africa, Europe, Brazil, and North America. Moreover, it contributes to renewable energy by generating wind power for more than 650,000 British households.
5) Total
Net Worth: $120.2 Billion
Total is one of Nigeria’s biggest oil and gas producers. The French-owned company also has interests in chemical production, power generation, and refining. Additionally, its headquarters is in Paris.
Total was established after World War I when the French Prime Minister rejected partnering with Royal Dutch Shell and instead opted to build a fully French oil company.
6) ConocoPhillips
Net Worth: $100 Billion
ConocoPhillips is a multinational oil company headquartered in Houston, Texas. It operates in more than 17 countries and is one of the largest producers globally. Moreover, it plays a significant role in Nigeria’s oil sector.
The company initially drilled in Alaska’s National Petroleum Reserve before expanding to the North Sea and later to Africa. Its investments strengthened its global presence.
7) Petrobras
Net Worth: $73 Billion
Petrobras is a Brazilian-owned oil company with a strong global footprint. It was established in 1997 and focuses on biofuels, oil exploration, and gas production. In addition, Petrobras produces over 2.5 million barrels daily.
The company operates in 16 countries and manages operations in refining, marketing, distribution, and energy production.
8) Nexen Inc
Net Worth: $333 Million
Nexen Inc is a Chinese-owned company under CNOOC Limited. It focuses on oil exploration, shale gas, and deep-water development. Furthermore, Nexen manages resources in major oil basins across Western Canada, the UK North Sea, the United States, and West Africa.
9) Hardy Oil and Gas
Net Worth: £67,619,000
Hardy Oil and Gas is a UK-based company with headquarters in London. It operates in Nigeria and aims to increase oil reserves within the region. Originally, it was founded in 1997 as Began Energy Limited, focusing on oil exploration in India.
The company acquired HEPI in 1991 and has made several major oil discoveries, especially between 2007 and 2010. As a result, it remains a significant industry player.
10) Addax Petroleum
Net Worth: £17,676,239
Addax Petroleum is a subsidiary of Sinopec Group, one of China’s largest oil and gas firms. It was formed in 1994 and has expanded into an international company with operations in Africa, the Middle East, and the North Sea. Consequently, Addax is one of West Africa’s leading oil producers.
The company operates offshore and onshore fields in Nigeria, Gabon, and Cameroon, making it a major contributor to African oil production.
