The following is an 'at-a-glance' review of upstream energy company activity in Nigeria.

Nigeria is a large, well established, oil province with an extensive network of oil pipelines and export facilities. The geology is favourable, with light oil in excellent quality reservoirs resulting in high recovery factors, and there are attractive development, appraisal and exploration opportunities. 

Nigeria is the largest oil producer in Africa, holds the largest natural gas reserves on the continent, and is among the world's top five exporters of liquefied natural gas (LNG). Nigeria became a member of the Organization of the Petroleum Exporting Countries (OPEC) in 1971, more than a decade after oil production began in the oil-rich Bayelsa State in the 1950s. Although Nigeria is the leading oil producer in Africa, production suffers from supply disruptions, which have resulted in unplanned outages as high as 500,000 barrels per day (bbl/d).

Key Oil and gas players

ADM Energy

ADM Energy holds a 9.2% equity investment in the Aje Field, part of OML 113, which covers an area of 835 sq km offshore Nigeria. Aje has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.

Africa Oil

Africa Oil has a 50% equity interest in Prime Oil & Gas Coöperatief U.A. (“Prime”) which has producing assets in Nigeria’s deepwater Niger Delta Basin, operated by Chevron and TotalEnergies.

The main assets of Prime are an indirect 8% WI in PML 52 and an indirect 16% WI in PMLs 2, 3 and 4 as well as PPL 261. PML 52 is operated by affiliates of Chevron and covers part of the producing Agbami field.

PMLs 2, 3 and 4 and PPL 261 are operated by affiliates of TotalEnergies and contain the producing Akpo and Egina fields. The three fields in these PMLs are located over 100 km offshore Nigeria.

Aiteo

Aiteo are working on opportunities to develop energy resources in some of the world's most significant basins, including the huge potential of the Niger Delta basin in West Africa's offshore fields, and of the Benue Trough.

The company is strategically focused on the following business areas, with major prospects for immediate revenue growth and market penetration:

• Exploration and production
• Bulk petroleum storage
• Refining of petroleum products
• Trading, marketing and supply
• Power generation and distribution

All Grace Energy

All Grace Energy is the Operator of the Ubima Marginal Field (in OML 17) Rivers State Nigeria. The Company is developing the Ubima Marginal Field as a mechanism for creating localized domestic market using Small Scale Gas Utilization Projects as the backbone and an integral part of all field development activities. With this unique scheme, All Grace Energy will operate the Ubima field as a zero-gas flare facility, an objective that is in tandem with Government policies on local content and community development.

Following the successful re-entry, work-over and completion of Ubima-01 well, All Grace Energy Limited (AGEL), the Operator of the Ubima Marginal Field commenced production via extended well test program from the field on the 15th of November 2019.

Amni

Amni operates OML 112, OML 117 and OML 52 in Nigeria with average production of 16,000 bopd during the second quarter of 2019.. OML 52 is a shallow water block in the southeastern Niger Delta containing the Tubu oil and gas discovery. Indigenous company Amni International plans to develop the field with a wellhead platform tied into Amni’s existing Ima facilities, 10 kilometres to the south on OML 112. The initial phase will focus on developing the oil, with five development wells. Associated gas will be extracted at Ima, and re-routed to Tubu for re-injection.

Aradel Holdings

Aradel Holdings is a fully integrated energy Group, with interests in multiple oil and gas assets, and its business spanning the upstream, midstream and downstream value chain of the oil and gas industry.

Aradel Holdings was incorporated on the 25th of March 1992 originally as the Midas Drilling Fund and Nigeria’s first integrated oil and gas investment company. It was changed to Niger Delta Exploration and Production Plc in November 1996 and assumed its current name in May 2023. 

Brittania-U

Brittania-U Nigeria oversees the operations of the Group in Nigeria and the Upstream (Exploration & Production) activities of the company.

For a short period of time, Brittania-U Nigeria's operations has led to establishment of other subsidiaries and affiliates in the hydrocarbon chain.

Brittania-U Nigeria serves as the headquarters of the Brittania-U Group and operates major assets such as the CNL Ajapa Marginal Field (OML 90) and the Ajapa-1 SDTR2 and Tripod/Wellhead, including the FPSO - Brittania-U I.

Carent Oil 

Carent Oil is an independent oil company incorporated on the 5th of March 2014 to explore, develop, produce low risk oil reserves. Carent’s vision is to build a world class oil business in Africa with an initial focus in the prolific Niger Delta.

Chappal Energies

Chappal Energies focuses on investments in deep value and brownfield upstream opportunities within Africa. 

Chappal Energies’ subsidiary, Project Odinmin, was selected as the preferred party to take over Equinor’s operations in Nigeria, acquiring full ownership. This acquisition includes the transfer of all  Equinor’s offshore infrastructure in Nigeria, alongside the operational rights to the OML 128 and OML 129 fields.

In July 2024,  TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in Nigeria.

Chevron

Chevron is one of the largest oil producers in Nigeria and one of its largest investors.

In Nigeria, Chevron operate under a joint-venture arrangement with the Nigerian National Petroleum Corporation (NNPC) for the onshore and offshore assets in the Niger Delta region.

Chevron also has extensive interests in multipartner deepwater operations. The Company operate the Agbami Field, one of Nigeria’s largest deepwater discoveries and also have a non-operated interest in the Usan Field.

Chevron

Through Chevron’s principal subsidiary in Nigeria, Chevron Nigeria Limited (CNL), the company operates and holds a 40 percent interest in eight concessions in the onshore and near-onshore regions of the Niger Delta under a joint-venture arrangement with the NNPC. Chevron also does business through other subsidiaries in Nigeria.

Deep water
Chevron has interests, ranging from 20 to 100 percent, in three operated and six nonoperated deepwater blocks in Nigeria.

Chevron operates the Agbami Field, which lies 70 miles (113 km) off the coast of the central Niger Delta region and spans 45,000 acres (182 sq km). Discovered in 1998, the Agbami Field is at a water depth of approximately 4,800 feet (1,463 m). Chevron has a 67.3 percent interest in the field.

Chevron has a 30 percent nonoperated working interest in the Usan Field, in 2,461 feet (750 m) of water, 62 miles (100 km) off the coast of the eastern Niger Delta region.

Exploration
Chevron operates and has a 55 percent interest in Oil Mining Lease (OML) 140. The block lies in roughly 8,000 feet (2,438 m) of water, 90 miles (145 km) off the coast of the western Niger Delta region, and includes the Nsiko discoveries. Chevron’s 30 percent nonoperated working interest in OML 138 includes the Usan Field and several satellite discoveries and a 27 percent interest in adjacent licenses OML 139 and OML 154. We are working with the operator to evaluate development options for the multiple discoveries in the Usan area, including the Owowo Field which straddles OML 139 and OML 154.

Natural gas
Chevron is involved in natural gas projects in the western Niger Delta and Escravos areas, including the Escravos Gas Plant (EGP), the Escravos Gas-to-Liquids (EGTL) facility and the Sonam Field Development Project.

CNOOC

CNNOC owns a 45% interest in the PML2/3/4 and PPL261 blocks (Original OML130 block) in Nigeria. Such block is a deepwater block covering four oilfields, namely Akpo, Egina, Egina South and Preowei. In 2023, the original OML 130 block contract was extended and the block was renamed as PML2/3/4 and PPL261 blocks.

In 2023, the production of Akpo oilfield and Egina oilfield has decreased due to natural decline. The daily net productions of Akpo oilfield and Egina oilfield were approximately 27,000 barrels and 25,000 barrels respectively.

In addition, the Company holds a 20% non-operating interest in the OML138 block offshore Nigeria, and an 18% non-operating interest in the OML139/154 Blocks.

The Company will deepen their regional integration to establish an oil and gas production base in West Africa centred around Nigeria.

Decklar Resources

Decklar is focused on appraisal and development at its Oza Oil Field, which the Company holds its interest through a Risk Service Agreement (RSA) with Millenium Oil and Gas Company Limited. Oza is located onshore in the northern part of Oil Mining Lease (OML) 11 in Nigeria’s Eastern Niger Delta (Abia State).

Decklar has also recently signed a Share Purchase Agreement (SPA) to acquire all of the outstanding shares of Purion Energy Limited, which has a Risk Finance and Technical Services Agreement (RFTSA) on the Asaramatoru Field, located in the southern swamp portion of OML 11, approximately 40km south of the Oza Field and 15km from the Bonny Export Terminal and Bonny LNG plant.

Additionally, Decklar has recently signed an SPA to acquire all of the outstanding shares of Westfield Exploration and Production Limited, which has a Risk Finance and Technical Services Agreement on the Emohua Field, located in OML 22, approximately 6km from Port Harcourt and 30km west of the Oza Field.

Dubri Oil Company

Dubri Oil Company Limited (DOCL) was incorporated on 10th March 1987 in Nigeria and is engaged in onshore crude oil and gas fields development, production, processing and marketing. The company is privately owned, and is the first indigenous Petroleum Producing Company in Nigeria.

DOCL is the operator of OML96, and carries out exploration and exploitation activities on a sole risk basis, in this concession.

OML 96 is located in the Western Delta depo belt of the Niger Delta Land terrain. Three fields are already established with oil and gas production. The block has a lot of other exploration and appraisal/development potentials. The Western Delta depo belt is dominated by simple/faulted rollover structures. This has been proven to be very successful with numerous known producing fields. A large number of prospects and leads have also been identified within the concession for future drilling.

Emerald Energy Resources

Emerald Energy Resources Limited (EERL) is a Nigerian Independent Oil Company and Operator of OML 141 in the Niger Delta

Focused on Exploration & Production Opportunities in the Niger Delta Petroleum Province, Emerald Energy Resources Limited (EERL) is a young exploration and Production Company with plans to grow and become a significant operator.

Energy Equity Resources

Energy Equity Resources (“EER”) is an oil and gas company focusing on the upstream, midstream and downstream sectors of the African (especially Nigeria) oil and gas industry.

Since 2005,the company has been operating in Nigeria and in the Nigeria/São Tomé Joint Development Zone (JDZ).

EER holds a participating interest in the producing asset OML 113- an oil and gas rich concession located in the Benin Basin in the offshore waters of Lagos State (western Nigeria).

Eni

Eni has been present in Nigeria since 1962, with operated and non-operated exploration, development and production activities on 30,049 sq kms in the onshore and offshore areas of the Niger Delta. 

In August 2024, Eni closed the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), while maintaining their presence in the country through Nigerian Agip Exploration (NAE) and Agip Energy and Natural Resources (AENR). This transaction was made possible by the agreement signed in September 2023 between Eni and Oando PLC, and the formal approval received in July 2024 from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), along with all other necessary authorisations from the relevant local and regulatory authorities.

Eni's exploration activities take place across a surface area of over 27,000 km². Via the main oil joint venture in the country, the Company participate in 17 onshore blocks and produce 11 million bbl of oil and condensates a year. Together with Nigeria LNG Ltd, Eni help manage the Bonny natural gas liquefaction plant, investing in the expansion project with the goal of increasing its annual production capacity by over 30Mtpa by 2024. The plant is set to become one of the world's major LNG hubs and will make it possible to exploit Nigeria’s abundant associated gas resources.

ERHC

Exclusive Economic Zone
Under a 2001 agreement with the Government of Săo Tomé and Príncipe, ERHC was vested with the rights to participate in exploration and production activities in the EEZ. These rights included (a) the right to receive up to 100% of two blocks of ERHC’s choice and (b) the option to acquire up to a 15% paid working interest in each of two additional blocks of ERHC’s choice in the EEZ. In 2010, ERHC exercised its rights to receive up to 100% of two blocks of ERHC’s choice in the EEZ and was duly awarded Blocks 4 and 11 of the EEZ by the Government of STP.

EEZ Block 4 is 5,808 square kilometers, situated directly east of the island of Príncipe. The northeastern area near EEZ Block 4 contains a large graben structure, which is bound by the Kribi Fracture Zone.

Joint Development Zone
In April 2003, the Company and STP entered into an Option Agreement in which the Company relinquished significant prior legal rights and financial interests in the Joint Development Zone (“JDZ”) in exchange for preferential exploration rights in the JDZ. Following the exercise of ERHC’s rights as set forth in the 2003 Option Agreement, the JDA confirmed the award in 2004 of participating interests in each of JDZ Blocks 2, 3, 4, 5, 6 and 9 of the JDZ during the 2004/5 licensing round conducted by the JDA.

Eroton

Eroton operate OML 18 situated in Eastern Niger Delta south of Port-Harcourt on behalf of the Eroton/NNPC joint venture. The license covers 1,035 sqkm and has 714 MMSTB (Oil and Condensate).

ExxonMobil

In Nigeria, ExxonMobil is involved in the exploration and production of crude oil and natural gas; the manufacture of petroleum products; and the transportation and sale of crude oil, natural gas, and petroleum products.

ExxonMobil upstream affiliates in Nigeria operate several joint venture concessions and deepwater production sharing contracts which currently focus on major secondary oil recovery projects, natural gas liquids and gas monetization and significant investment in national content development. The ExxonMobil upstream affiliates operating in Nigeria are Mobil Producing Nigeria Unlimited (MPN), Esso Exploration and Production Nigeria Limited (EEPNL) and Esso Exploration and Production Nigeria (Offshore East) Limited.

Famfa Oil 

Famfa Oil are currently one of the largest indigenous owned exporters of crude oil in Nigeria. The Company are committed to developing one of the deepest and largest offshore discoveries in the gulf.

The Agbami field is located 70 miles (112 km) off the coast of Nigeria and the structure spans an area of 45,000 acres (18,200 hectares) and extends from Block OML 127 into Block OML 128 in approximately 4800 ft (1460 m) of water off the central Niger Delta.

FIRST E&P

Established in 2011, FIRST E&P achieved its First Oil production from one of its NNPC Ltd Joint Venture flagship assets - OML 83 in October 2020. Production was ramped up to 40,000 bbl/d by Q1 2021 and in January 2021, the company achieved its first export lift. In April 2024, with OML 85 asset coming onstream, the Joint Venture is now delivering a reliable output of over 57,000 bbl/d.

Heirs Energies

Heirs Energies is Africa’s largest, indigenous owned, energy company, headquartered in Nigeria and is the sole operator of OML 17, in Nigeria’s Niger Delta.

OML 17
Considered as prime acreage conveniently located onshore next to Port Harcourt, the second industrial city of Nigeria and centre of the upstream oil industry, OML 17 covers a land area of approximately 1300km² (c.320,000 acres). The asset has 6 flow stations, 2 Associated Gas Gathering facilities and 2 Non-Associated Gas plants.

OML 17 is an under exploited proven and scalable low-cost asset, with multiple low-risk opportunities to grow production and develop high-grade reserves, located in the Niger Delta. The assets have been in production since the late 1950s and 1960s, with production peaking in the 1970s at 120,000 barrels of oil equivalent per day (boe/d).

The asset has a recent production capacity of over 40,000 boe/d and has 2P reserves of 1.2 billion boe, with an additional 1 billion boe resources of further exploration potential.

Heritage Oil

Heritage Oil have a producing asset in Nigeria and exploration assets in Ghana and Papua New Guinea.

The joint venture company Shoreline Natural Resources Limited, created in partnership with Nigerian company Shoreline Power, has established an indigenous company which will provide a platform for further growth within the country. Through Shoreline, Heritage acquired an interest in OML 30, a world-class asset. OML 30 lies onshore the Niger Delta in one of the most prolific oil provinces in the world and includes eight producing fields with oil and gas contained in numerous stacked reservoirs.

Lekoil 

The main asset of Fenikso is a US$51.9m loan owed by Lekoil Nigeria that is paid from the sale of Oil from the Otakikpo field.

The principal business of the Company is to manage and ensure the full recovery of the LOGI Loan. The Company has received payments under the LOGI Loan as at the end of 30 June 2024 amounting to US$3,522,176. 

Midwestern Oil & Gas

Midwestern Oil & Gas Company Limited was incorporated in 1999 and commenced operations in 2001. The Company is owned by a group of Nigerian Investors and Delta State Government.

In 2003, Midwestern Oil & Gas Company Limited was awarded 70% interest in Umusadege Field located in PML 22 (formerly OML 56) which is situated in the northern area of Delta State, Nigeria. Midwestern is the operator of the field while SunTrust Atlantic Energies (formerly SunTrust Oil Company Nigeria Limited) its Joint Venture Partner holds a 30% interest which is jointly held by Mart Umusadege Resources Nigeria Limited (MURNL), the Risk Service Provider to the Joint Venture. In 2005, Midwestern Oil & Gas Company Limited commenced its upstream activities.

Millennium Oil and Gas Company

On April 27, 2004, Millennium Oil and Gas Company Limited (MOGCL) was awarded the Oza Field and designated as the Operator with 100% participating interest. In 2005, MOGCL farmed out 40% of the field to Hardy Oil Nigeria (HON), which subsequently farmed out 20% to Emerald Energy Resources Ltd (EERL) in 2008.

The Oza Field covers a total of 20.02 sq km and was discovered in 1959 by SPDC in OML 11. 3 Wells were drilled between 1959 & 1964 with 11 hydrocarbon reservoirs encountered with only 3 reservoirs, M5.0, M2.1 & L9.0 completed for production. The Oza field has a proven reserve of 8.51MMBBLS, 18.69MMBBLS probable reserves and 27.87MMBBLS possible reserves. The OZA field is also rich in gas with about 12.16BCF reserve.

Neconde Energy

Neconde is a leading independent oil and gas company in Nigeria, with stakes in developed oil fields and gas reserves in the Niger Delta.

OML 42 is located onshore West Delta with an area of 814 km². OML 42 has 7 fields which have produced hydrocarbons and 5 undeveloped discoveries. The 2P reserves stand at 600 MMbbls.

NewAge

NewAge (African Global Energy) Limited (‘NewAge’) is a privately held oil and gas company with a high quality portfolio of assets located predominantly in sub-Saharan Africa. 

In 2013, NewAge became a partner in the Aje Field in Block OML 113. This block is in the Dahomey-Benin Basin, offshore Nigeria and contains the Aje field as well as a number of exploration prospects. The Operator is Yinka Folawiyo Petroleum, an indigenous Nigerian company. NewAge provides services to YFP, serving in the capacity of a contractor.

Nigerian National Petroleum Company

Established on 1 April 1977 as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Petroleum and Energy Resources, The Nigerian National Petroleum Company (NNPC) is a state-owned oil company in Nigeria. Still a fully-owned government company, it was transformed from a corporation into a limited liability company in July 2022. NNPC is the only entity licensed to operate in the country's petroleum industry. It partners with foreign oil companies to exploit Nigeria's fossil fuel resources. The NNPC is the largest national oil company in Africa. The company has extensive infrastructure and investment in the downstream, midstream and upstream of the Nigerian petroleum industry.

Nigerian Petroleum Development Company (NPDC)

The Nigerian Petroleum Development Company Limited (NPDC), with Head office in Benin City and base offices/warehouses in Port Harcourt and Warri for logistics support, was established in 1988 as a wholly owned subsidiary of the Nigerian National Petroleum Corporation (NNPC) with responsibility for Petroleum Exploration and Production activities.

NPDC activities cover the spectrum of the upstream Oil and Gas business. Operations are concentrated mainly in the Niger Delta and span five States (Imo, Edo, Delta, Bayelsa and Rivers) with over Two Hundred and Fifty-Seven (257) host communities.

Oando Energy Resources

Oando Energy Resources is a leading African exploration and production company with significant investments in a portfolio of oil and gas fields, as well as participating interests in onshore and offshore producing assets.

The company's extensive asset base covers exploration, development, and production assets for both oil and gas, situated on and offshore in Nigeria, and the Exclusive Economic Zone (EEZ) of São Tomé and Príncipe.

Through their extensive local operating capabilities, Oando have partnerships with both indigenous and international oil companies, and hold interests in 14 licenses for the exploration, development, and production of oil and gas assets located onshore, swamp, and offshore.

In August 2024, Oando completed the acquisition of 100% of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni, for a total consideration of US$783 million comprised of consideration for the asset and reimbursement.

Based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe and the transaction will deliver a 98% increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe.

Obira Energy

Obira Energy is an independent indigenous oil and gas company with headquarters in Abuja.

PPL 239 (Obira Oil Field)
Obira field is located in western part of OML 89, offshore Western Niger Delta Sedimentary Basin. 

Obira field is located in western part of OML 89, offshore Western Niger Delta Sedimentary Basin. The Obira field within OML 89 block covers a surface area of 71.8km² in a water depth of about 250-280ft. It is bounded in the north by OML 91 and the south by OML 136.

Optimum Petroleum Development

Optimum Petroleum Development (OPL) is a petroleum exploration company registered in Nigeria in 1992.

OPL 310
OPL 310 is highly prospective and on trend with Aje and Seme fields located in the adjacent OML 113 and offshore Benin, respectively. The block lies in water depths ranging from the shoreline on the northside of the block to 1,900 meters in the south. The block is located in the Dahomey Basin, to the southeast of the Volta Fan and to the southwest of the Niger Delta, situated on the transform margin of West Africa in Western Nigeria.

Oriental Energy

Oriental is Nigeria’s leading indigenous offshore (marginal field) operator and oil producer, and a founding member of Nigeria’s Indigenous Operator Program. Oriental is the 100% interest owner of OML-115 and the Ebok Field in OML-67, and the 88% interest owner of the Okwok Field in OML-67. 

Pan Ocean Oil 

Pan Ocean Oil Corporation was incorporated as an Exploration and Production company in 1973. Soon after, Oil Prospecting License (OPL) 70/71 which was originally granted to Delta Oil Company was farmed out to Pan Ocean Oil Corporation Incorporated. In December 1975, OPL 70/71 was converted to Oil Mining Lease (OML) 98. Pan Ocean has been in a Joint Venture with the Nigeria National Petroleum Company (NNPC) in respect of OML 98. As a Joint Venture (JV) partner, the NNPC has 60 percent working interest in OML-98 while Pan Ocean has 40 percent.

OML 98 is located in the Northern Delta Depobelt, and in the northern fringe of Niger Delta Basin, OML 98 covers an area of 523 km² in Edo and Delta State. Fields within the block includes the Ogharefe, Ologbo, Asaboro, Adolo, Owe, Ossiomo, Ona and Erimwindu fields. Pan Ocean commenced crude oil production at the Ogharefe field (OML 98) with an initial production of about 11,000bpd in 1976.

PetroNor

In January 2022, PetroNor received from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC replacing the DPR) the approval for the transaction between Panoro Energy and PetroNor for the acquisition of all its interest in the Aje Field asset. This transaction was completed with Panoro in July 2022. PetroNor now directly holds 6.502 per cent participating interest, with a 16.255 per cent cost-bearing interest, representing an economic interest between 12.1913 per cent and 16.255 per cent in OML 113, containing the Aje oil and gas field.

The Aje field is estimated to contain recoverable resources of 480 BCF of gas, 54 mmbbls oil, condensate and LPG.

Prime Exploration and Production

Prime Exploration & Production Limited, an indigenous Nigerian company, is the operator of Asaramatoru Marginal Field (OML 11).

Asaramatoru field is situated onshore in the southern swampy section of OML 11 which is one of the largest onshore blocks in the classical Eastern Niger Delta area spanning the coastal swampy section in the south to dry land in the north.

Sahara Group

Since starting operations in 2004, Sahara has grown its upstream portfolio, building a strong foundation in a number of West African basins. Today, through its upstream companies Sahara now participates with on and/or offshore equity interests in Nigerian, Ghanaian and Ivorian assets, some of which it also operates.

San Leon Energy

San Leon Energy is a publicly listed energy company focused on Nigeria. The Company currently holds a 10.58% indirect economic interest in Oil Mining Lease 18 (“OML 18”), a producing asset located onshore Nigeria.

OML 18 contains nine discovered fields, Alakiri, Asaritoru, Awoba, Bille, Buguma Creek, Cawthorne Channel, Krakama and Orubiri as well as a significant number of satellite exploration and appraisal prospects. The only field not entirely on block is Awoba which straddles OML 18 and OML 24 and is governed by a unitisation agreement dividing production equally between the OML owners. Cumulatively, OML 18 has produced over 1 billion bbls of oil (including Alakari condensate) and 1.8 TCF of gas.

South Atlantic Petroleum (SAPETRO)

South Atlantic Petroleum (SAPETRO) is a Nigerian oil and gas exploration and production company, focused on  exploration, development and production opportunities in Africa.

SAPETRO holds an aggregate 15% stake in OML 130, alongside TotalEnergies, Prime Oil & Gas and the China National Offshore Oil Corporation (CNOOC) who hold 24%, 16% and 45% interests respectively.

The Ministry of Petroleum Resources awarded the Oil Prospecting License (OPL) 246 to SAPETRO in 1998. The block covers a total area of 2,590km² (1,000 sq. miles) and lies 120-160km due South of Port Harcourt, in water depths of about 1,100m – 1,800m.

Savannah Energy

Savannah Energy is an AIM quoted British independent energy company focused around the delivery of Projects in Cameroon, Niger and Nigeria.

Uquo
Savannah holds an 80% economic interest in the exploration, development and production of gas within the Uquo Field, the Uquo Gas Project. The Uquo Field is a non-associated gas field, with gross 2P Reserves of 456.2 Bscf as at the end of 2023. It produces gas that is processed and transported through Accugas’ infrastructure to end customers. Condensate produced from the Uquo Field is exported via the Qua Iboe terminal. The remaining 20% economic interest in the Uquo Gas Project is held by AIIM.

In March 2024, Savannah Energy signed Share Purchase Agreements ("SPAs") with Sinopec International Petroleum Exploration and Production Corporation ("SIPC") and Jagal Ventures to acquire 100% of the outstanding share capital of Sinopec International Petroleum Exploration and Production Company Nigeria.

SIPEC's principal asset is a 49% non-operated interest in the Stubb Creek oil and gas field ("Stubb Creek"), located in Akwa Ibom State, Nigeria. An affiliate of Savannah, Universal Energy Resources Limited, is the 51% owner and operator.

Accugas
Savannah’s Accugas midstream business focuses on the marketing, processing, distribution and sale of gas to the Nigerian market. Savannah holds an 80% economic interest in Accugas, with the remaining 20% held by AIIM. Accugas receives gas from Uquo at its nameplate 200 MMscfpd processing facility, where the gas is treated and then transported through its approximately 260 km pipeline network.

Sterling Oil Exploration and Energy Production (SEEPCO)

Sterling Oil Exploration & Energy Production Company Ltd. (SEEPCO) is an indigenous company that ventured into Exploration and Production (E&P) business in the year 2005 bid round held by Department of Petroleum Resources (DPR) and was successful with license OML 143 (formerly OPL 280).

SEEPCO has been producing Okwuibome (OKW) Blend of crude oil since 2011.

Seplat Energy

Seplat Energy Plc is a leading indigenous Nigerian oil and gas exploration and production company with a strategic focus on Nigeria.

Seplat Energy has a 45% working interest in OMLs 4, 38 and 41 which are located in Edo (OML 4) and Delta (OMLs 38 and 41) States onshore Nigeria.

The OML 40 licence lies onshore within the Niger Delta, approximately 65km northwest of Warri and covers an area of 498 square kilometres.

OML 53 covers an area of approximately 1,585km² and is located onshore in the north eastern NigerDelta.

OML 55 covers an area of approximately 840km² and is located in the swamp to shallow water offshore areas in the south eastern Niger Delta.

Seplat Energy has a 40% non-operated working interest in the Umuseti/Igbuku Marginal Field Area that is carved out of OML 56.

In October 20024, the Nigerian Upstream Petroleum Regulatory Commission ("NUPRC") confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, for Seplat Energy to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited ("MPNU").

Shell 

Shell has invested in businesses in Nigeria for more than 60 years and has interests in several companies that produce, distribute and export oil, gas, liquefied natural gas (LNG) and other energy products.

SPDC – The Shell Petroleum Development Company of Nigeria
The Shell Petroleum Development Company of Nigeria Limited (SPDC) is the pioneer and leader of the petroleum industry in Nigeria. SPDC is the operator of the NNPC/SPDC/Total Energies/NAOC Joint Venture and supplies onshore and shallow water oil and gas to domestic and export market from its operations in the Niger Delta.

Development Company of Nigeria
The Shell Petroleum Development Company of Nigeria Limited (SPDC) is the pioneer and leader of the petroleum industry in Nigeria. SPDC is the operator of the NNPC/SPDC/Total Energies/NAOC Joint Venture and supplies onshore and shallow water oil and gas to domestic and export market from its operations in the Niger Delta.

SNEPCo - Shell Nigeria Exploration and Production Company
Shell Nigeria Exploration and Production Company Limited (SNEPCo) pioneered deep-water oil and gas production from the Bonga field in the Gulf of Guinea where depths reach more than 1,000 metres. When Bonga began production in 2005, it increased Nigeria’s oil production capacity by 10%. Today, nearly one-third of Nigeria’s deep-water production comes from the Bonga and Erha fields.

SNG – Shell Nigeria Gas
Shell Nigeria Gas Ltd is a fully owned Shell company incorporated in 1998 for the downstream distribution of gas to industries in Nigeria. SNG is part of the Shell Energy business line in Nigeria which covers gas, power, renewables and energy solutions for industrial and commercial customers. SNG’s mission is to provide its customers with a clean, reliable, low-cost alternative to liquid fuel, and to assist in building a stronger Nigerian economy. SNG currently operates a growing world class gas transmission and distribution network of over 138km across the country.

Shoreline Natural Resources

Shoreline Natural Resources was incorporated on 10th December 2010. The company is a joint venture between Shoreline Power Company Limited, a Nigerian Company which has extensive interests in the power sector together with a strong network of relationships and Heritage Oil Shoreline Natural Resources (Nigeria) B.V, a subsidiary of Heritage Oil 

OML 30
OML 30 is located onshore in the Delta region, less than 30km east of Warri in Southern Nigeria. The licence covers 1,097 square kilometres and includes eight producing fields with oil and gas contained in numerous stacked reservoirs. Shoreline Natural Resources is in partnership with NPDC to develop OML 30 to its full potential.

Tende Energy

Tende Energy is an Africa-focused oil and gas development, production and exploration company, building a range of diversified producing and development assets.​

Tende Energy is working in partnership with COPDC its Nigerian joint venture partner which has executed agreements with Nigeria Exploration and Production Limited ("NEPL"), formerly NPDC, a subsidiary of the Nigerian National Petroleum Corporation Limited ("NNPC") to develop the oil rich OML 65 onshore licence.

Phase 1 of the fully funded approved work programme focuses initially on the further development of the Abura field, involving the drilling and completion of up to 9 development wells, intended to double current production of 10,000 bopd from Abura's 2P reserves of 16.2 MMbbls.

OML 65 also contains two further discovered fields, Owepele and Osioka with an estimated 34.9 MMbbls  additional 2P reserves and two targeted deeper propsects at Abura and Oioka containing an additional 227 MMbbls oil in place, to which the Gaffney Cline Associates June 2021 CPR  has attributed P50 prospective resources of 91 MMbbls.

Starcrest

Starcrest has interests in several oil and gas exploration and production licenses in Nigeria including OML 40 (indirect), OPL 291 and OPL 242. Starcrest aims to become a premier player in the development of renewable and non-renewable energy resources.

Starcrest Nigeria Energy Limited is a member of the Chrome Group of Companies.

SunTrust Oil Company

SunTrust Oil Company Nigeria Limited (“SunTrust”) is an Exploration and Production Company with its field operations in Delta State and its Headquarters in Lagos, Nigeria. 

SunTrust was incorporated in April 2001 as an oil exploration and production company with a focus on West Africa and the Gulf of Guinea as its core business areas. In 2003, SunTrust and its Joint Venture partner, were awarded the OML 56 Umusadege field by the Federal Government of Nigeria.

TotalEnergies

In Nigeria, the Company's oil production is mainly offshore. Of the 31 permits in which TotalEnergies hold interests, they operate 5: PML 2/3/4 with the Akpo and Egina fields, OML 99 with the Ikike field, and OML 102, 139 and 138.

TotalEnergies are also pursuing carbon-neutral initiatives, including a solarization project on OML 58 and the cessation of routine flaring on OML 100 as of December 2023. The Company have achieved zero routine flaring in all our upstream operations in Nigeria. Nigeria was also one of the first countries in which TotalEnergies carried out campaigns to detect and measure methane emissions on oil and gas installations, using their state-of-the-art drone-mounted AUSEA technology.

In July 2024,  TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in Nigeria.

SPDC JV is an unincorporated joint venture between Nigerian National Petroleum Corporation (55%), Shell Petroleum Development Company of Nigeria (30%, operator), TotalEnergies EP Nigeria (10%) and NAOC (5%), which holds 18 licenses in the Niger Delta.

Yinka Folawiyo Petroleum

Yinka Folawiyo Petroleum is the Operator of OML 113. The other partners are New Age Exploration Nigeria Limited, EER (Colobus) Nigeria Limited, Pan Petroleum (Panoro Energy) Aje Limited and PR Oil & Gas Nigeria Limited.

Gross contingent resources of the Aje field are estimated at 380 million boe. Of this 28% is oil and condensate, 20% is LPG and 52% is gas.

The field is expected to achieve a plateau production ranging between 50,000 and 80,000 barrels of oil equivalent (boe) a day.

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