The oil and gas industry is the lifeblood of the Nigerian economy. According to a Nigerian Energy Sector report done by Proshare, the industry contributes about 16.05% to Nigeria’s total GDP, and accounts for over 74% of the national budget revenue. The industry has been divided into upstream, midstream and downstream. The upstream sector of the industry, which consists of the exploration and production of crude oil is the major revenue earner for the government.

A 2016 KPMG Nigeria oil and gas industry brief puts the upstream oil sector as the single most important sector in the economy, accounting for over 90% of the country’s exports and about 80% of the Federal Government (FG’s) revenue.

Though, the upstream sector is dominated by International Oil Companies (IOCs) which account for more than 70% of Nigeria’s production, indigenous oil companies have within the last five years become increasingly involved. A couple of Nigerian oil and gas companies have acquired assets left behind by IOCs ongoing divestment. Although there have been challenges, indigenous firms have generally done well with the assets they have acquired, thereby increasing optimism in the ability and capacity of local content.

With indigenous firms now accounting for about 12 per cent of Nigeria’s 1.8million bpd total oil production, five of these local players are leading what is called ‘the indigenous revolution’ in the Nigerian upstream sector.


See full list here: http://www.todaysecho.com/five-indigenous-companies-revolutionising-the-nigerian-upstream-oil-and-gas-industry/