Nigeria’s major source of foreign revenue is sales of petroleum products because the nation is rich in petroleum resources.
Some of the companies who mine these resources include:
Exxon Mobil is one of the biggest oil companies in the world and it is not into just oil, it operates various sources of oil and gas as well as alternative energy. The company’s net worth is estimated to be at more than $400 billion.
Exxon Mobil has a lot of subsidiaries especially in Nigeria. These subsidiary companies do a lot of oil and natural gas production and exploration; they also manufacture petroleum products; are involved in the selling and the transportation of crude oil, petroleum products and natural gas.
The company is a major player in the sales and manufacture of petrochemical products and they also produce commodities that are necessary for electric power generation. Furthermore, they are part of numerous joint ventures which are involved in deep water production that are focused basically on the recovery of secondary oil, natural liquids and gas monetization.
Total is another major oil mining company in Nigeria. It has operations not just in Nigeria but also in other countries as well. However, in Nigeria, the company has been running its operations for more than fifty years majorly handling the lower sector of the oil and gas industry in the country. At the moment, the company has a large oil distribution network of more than 500 petrol service stations. Furthermore, Total is also into power generation as well as chemical production in Nigeria. The company’s net worth is estimated to be above $120 billion.
The company which runs its operations in about 130 countries of the world is committed to the provision of sustainable products and services to its customers.
The next oil mining company on our list is Chevron. This company has its main headquarters in the United States of America. It is the one of Nigeria’s largest oil investors and it also happens to be one of the largest producers of crude oil products in Nigeria. Chevron functions under the system of a joint partnership in agreement with the Nigerian National Petroleum Corporation (NNPC) and its operations are for onshore assets as well as offshore ones in the Niger Delta.
Just like Exxon Mobil, Chevron is greatly involved in operations that involve deep water. In fact, the company runs the biggest operation that involves deep water discoveries in Nigeria. More so, they are particularly interested in the Usan Field.
It holds about 40% interest in 8 areas of the onshore regions in the Niger Delta which is a joint partnership with the NNPC. Its net worth is at an estimated $253 billion.
Shell is an oil mining and exploratory company that is known all over the world and a big name in the oil industry. In Nigeria, Shell has been running its operations for more than sixty years and to this moment, the company is still working on new ways to partner with the Nigerian National Petroleum Corporation (NNPC). The company’s net worth is at an estimated sum of $213 billion.
Shell began its operations in Nigeria in the year 1937 after they received their exploration licence. Shell Nigeria is recognized as the name for the Nigerian branch of the Royal Dutch Shell and the operations they run in the country are done via four affiliates, Shell Petroleum Development Company (SPDC) being the major one among them.
Shell was the first company to come upon the first company oil field at Oloibiri in the Niger Delta area of Nigeria. As at 2009, the company was responsible for close to 21% of the total petroleum production in Nigeria comprised of 629,000 barrels per day.
Addax Petroleum has for a long time being in partnership with the Federal Government of Nigeria as well as the Nigerian National Petroleum Corporation (NNPC) and this partnership especially with the NNPC began in the year 1998, the very same year it acquired assets of Ashland Nigeria. Addax happens to be a member of a Chinese Sinopec Group whose major production control and influence is in the Middle East and in Africa. The company works with more than 100 oil wells in Nigeria. The estimated net worth of the company is above £17 million.
Addax is one of the biggest oil refiners in Asia and the third largest refiners in the world.
Addax Petroleum started in the year 1994 and it was in 2009 that the company became an affiliate of the Sinopec Group. It did its first offshore drilling in the oil well OML 129.