New Report Provides Insights into Nigeria’s Offshore Oil and Gas Industry

SEATTLE (Oil Monster): ResearchAndMarkets.com recently released a report that offers unique insights into Nigeria's offshore oil and gas production sector.

As to the report, the market is expected to expand at a 4.1% compound annual growth rate (CAGR) to reach $47.03 billion by 2023, from $34.18 billion in 2023. 552.84 million barrels of crude oil were produced in the nation last year.

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The Nigerian offshore oil and gas producers have been increasingly focusing on exploration and production of offshore natural gas, in line with the regulations outlined in the Petroleum Industry Act (PIA). The growth of domestic oil and gas exploration activities has been facilitated by favorable policy moves taken by the Federal Government and the increasing demand for oil on a global scale. By the way, the government has welcomed foreign capital into initiatives related to upstream development.

For the past few years, the main driver of oil demand has been the transportation sector. The industry, which held a sizable portion of the market in 2023, is expected to fuel demand going forward. The power generation segment is expected to present significant growth potential, according to the analysis.

The most prominent players are listed in the report as TotalEnergies SE, CNOOC Ltd, and Shell Plc.