DUBLIN, Oct. 15, 2024 (Globe Newswire) — “Nigeria Offshore Oil and Gas Production Market Size and Forecast, Regional Share, Trends, and Growth Opportunities Analysis Report Coverage: By Type, Application, and Country.” Report added. Added to ResearchAndMarkets.com’s services.
Nigeria’s offshore oil and gas production market continues to grow, reaching a staggering valuation of US$34.18 billion by 2023. Nigeria continues to grow as Africa’s leading crude oil producer, with its market expected to expand to an estimated US$47.03 billion by 2031. Nigeria’s crude oil production including condensate in 2023 alone will be 552.84 million barrels, reaffirming the country’s important role in shaping the energy landscape.
Market segmentation and major sectors
The market has been meticulously segmented by type and application, offering a structured view of industry dynamics. The focus is on crude oil, which has emerged as a major segment, with strong demand from international markets favoring Nigerian crude oil. In terms of applications, transportation will lead the market with a significant share in 2023 and is expected to maintain this trend throughout the forecast period. At the same time, the power generation sector shows promising growth prospects with an expected CAGR of 5.7% due to the surge in demand for natural gas in power generation.
Major companies and growth strategies
Analysis of the competitive landscape reveals the prominence of leading companies such as TotalEnergies SE, CNOOC Ltd, and Shell Plc. Driven by strategic inorganic tactics such as mergers, acquisitions, and partnerships, these organizations help steer the market towards growth and not only enhance outreach but also efficiently respond to customer demands. . These strategies, coupled with enhanced products and services that integrate advanced technology, are critical to market expansion.
Nigeria’s approach to offshore gas production and new law
Highlighting a significant change, Nigeria’s offshore oil and gas producers are increasingly leaning towards exploration and production of offshore natural gas, in line with national initiatives to increase market competitiveness. . The Petroleum Industry Act, enacted in August 2021, embodies the Nigerian government’s commitment to reinvigorate investor interest in upstream development and foster community well-being in areas affected by oil exploration. .
Overview of market trends
This comprehensive analysis highlights the key factors impacting the Nigerian offshore oil and gas production market, from surging international demand to the government’s strategic initiatives in this sector. Similarly, it identifies existing and emerging obstacles and their impact on the industry. Insights into these dynamics enable stakeholders across the value chain to hone long-term, actionable strategies and enhance decision-making processes.
This is indeed a pivotal period for Nigeria’s offshore oil and gas sector, with rising growth prospects shaping the future of energy production and its broader global expansion. It is clear that we are passionate about the development of our industry, paving the way for substantial economic and infrastructure growth within the country and across the continent.
Key attributes:
Report attribute details No. Number of pages 76 Forecast period 2023 – 2031 Estimated market value in 2023 34.1 billion Estimated market value by 2031 47.03 billion Average annual growth rate 4.1% Target area Nigeria
The key players in the Nigerian offshore oil and gas production market are:
TotalEnergies SECNOOC LtdShell PlcChevron CorporationExxonMobil CorporationAfrican Oil Corp.Nigerian National Petroleum CorporationLekoil Nigeria Ltd.Pinnacle Oil and Gas LimitedMidwestern Oil and Gas Company Limited
For more information on this report, please visit https://www.researchandmarkets.com/r/mmybb7.
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Nigeria offshore oil and gas production market size and forecast
