Top 10 Richest Oil & Gas Companies In Nigeria By Net Worth In 2025
Nigeria's oil and gas industry remains a pivotal component of its economy, with several companies leading in terms of net worth and operational excellence. As of 2025, the following are the top 10 richest oil and gas companies in Nigeria, showcasing their financial strength and strategic initiatives.
Table: Top 10 Richest Oil & Gas Companies in Nigeria (2025)
|
Rank |
Company Name |
Net Worth (₦ Trillion) |
Key Highlights |
|
1 |
Shell Petroleum Development Co. |
Estimated ₦4.5 |
Leading upstream operations; awarded Best Upstream Company 2024 |
|
2 |
ExxonMobil Nigeria |
Estimated ₦4.0 |
$10B investment in offshore projects; major deepwater operations |
|
3 |
Chevron Nigeria Limited |
Estimated ₦3.8 |
Significant deepwater assets; strong JV with NNPC |
|
4 |
Seplat Energy Plc |
₦2.01 |
Acquired Mobil Producing Nigeria; revenue of ₦1.652T in 2024 |
|
5 |
Aradel Holdings |
₦2.32 |
Diversified operations; revenue of ₦581.02B |
|
6 |
TotalEnergies Nigeria |
Estimated ₦1.5 |
Revenue of ₦1.04T in 2024; strong downstream presence |
|
7 |
Nigerian National Petroleum Co. |
Estimated ₦1.3 |
State-owned; extensive upstream and downstream operations |
|
8 |
Conoil Producing Limited |
₦229.84B |
Market cap increased by 264.36% in one year |
|
9 |
Nigerian Agip Oil Company (NAOC) |
Estimated ₦200B |
Subsidiary of Eni; active in Niger Delta region |
|
10 |
Addax Petroleum Nigeria |
Estimated ₦180B |
Part of Sinopec Group; offshore operations |
1. Shell Petroleum Development Company of Nigeria (SPDC)
Net Worth: Estimated ₦4.5 Trillion
Shell remains at the forefront of Nigeria's oil and gas sector, with extensive upstream operations. In 2024, Shell was awarded the Best Upstream Company at the Nigerian International Energy Summit, recognizing its contributions to the industry.
2. ExxonMobil Nigeria
Net Worth: Estimated ₦4.0 Trillion
ExxonMobil continues to invest heavily in Nigeria's oil sector, with plans for a $10 billion investment in offshore projects, including the Owo project . The company operates significant deepwater assets, contributing substantially to Nigeria's oil production.
3. Chevron Nigeria Limited (CNL)
Net Worth: Estimated ₦3.8 Trillion
Chevron Nigeria Limited, in partnership with NNPC, operates several deepwater assets, including the Agbami field. The company's strategic investments and technological advancements have solidified its position in the Nigerian oil industry.
4. Seplat Energy Plc
Net Worth: ₦2.01 Trillion
Seplat Energy has made significant strides in recent years, notably with the acquisition of Mobil Producing Nigeria Unlimited, now Seplat Energy Producing Nigeria Unlimited . In 2024, the company reported a revenue of ₦1.652 trillion, marking a substantial increase from the previous year.
5. Aradel Holdings
Net Worth: ₦2.32 Trillion
Aradel Holdings, formerly known as Niger Delta Exploration & Production Plc, has diversified its operations across the oil and gas value chain. As of March 2025, the company reported a market capitalization of ₦2.32 trillion and revenue of ₦581.02 billion.
6. TotalEnergies Nigeria
Net Worth: Estimated ₦1.5 Trillion
TotalEnergies has a strong presence in Nigeria's downstream sector. In 2024, the company reported a revenue of ₦1.04 trillion, driven by increased sales of petroleum products and improved operational efficiency.
7. Nigerian National Petroleum Corporation (NNPC)
Net Worth: Estimated ₦1.3 Trillion
NNPC, Nigeria's state-owned oil corporation, plays a pivotal role in the country's oil and gas industry. Through various joint ventures and production sharing contracts, NNPC oversees significant upstream and downstream operations.
8. Conoil Producing Limited
Net Worth: ₦229.84 Billion
Conoil, owned by Nigerian billionaire Mike Adenuga, has shown remarkable growth, with its market capitalization increasing by 264.36% in one year . The company is involved in the sale of regulated gasoline, kerosene, diesel, aviation fuel, and lubricants.
9. Nigerian Agip Oil Company (NAOC)
Net Worth: Estimated ₦200 Billion
NAOC, a subsidiary of Eni, operates in Nigeria through joint ventures with NNPC. The company's activities span exploration, production, and gas development projects, particularly in the Niger Delta region.
10. Addax Petroleum Nigeria
Net Worth: Estimated ₦180 Billion
Addax Petroleum, part of the Sinopec Group, has been active in Nigeria's oil sector for over two decades. With several production sharing contracts and a focus on offshore operations, Addax has accumulated significant assets in the country.
Frequently Asked Questions (FAQs)
Q1: What criteria determine the ranking of the richest oil and gas companies in Nigeria?
The rankings are primarily based on net worth, which includes total assets, revenue, and overall market influence within the oil and gas sector.
Q2: Are indigenous companies making significant strides in Nigeria's oil industry?
Yes, indigenous companies like Seplat Energy and Aradel Holdings have expanded their operations and asset bases, contributing significantly to the industry's growth.
Q3: How does the Nigerian government participate in the oil and gas sector?
The Nigerian government, through NNPC, engages in joint ventures and production sharing contracts with various oil companies, playing a pivotal role in the sector's operations and development.
Conclusion
Nigeria's oil and gas industry continues to be a vital component of its economy, with both multinational and indigenous companies contributing to its wealth and development. The top 10 richest oil and gas companies in 2025 showcase the dynamic nature of the sector and its potential for future growth.
