Energy Sector · Collection
Nigerian oil and gas stocks — NGX-listed companies
Nigerian oil and gas stocks are shares in energy-sector companies listed on the NGX; this page provides an educational list of the companies covered here, without rankings or performance claims.
SEPLAT · Oil & gas
Dual-listed NGX + LSE upstream producer — the main independently listed oil and gas equity on the NGX.
Buy monthly1 of 1 companies. Profiles are for information only, not advice.
Not investment advice. Listing a company in this collection does not mean Shares Saver endorses or recommends buying its shares. The value of investments can go down as well as up.
Background
Nigeria's energy sector and the NGX
Nigeria is Africa's largest oil producer and one of the continent's most significant energy economies. The oil and gas sector has historically been a major contributor to government revenue and foreign exchange earnings.
However, the Nigerian stock exchange (NGX) does not have many purely upstream oil companies listed directly on it. The major international oil companies operating in Nigeria (Shell, TotalEnergies, ExxonMobil subsidiaries) are primarily listed on foreign exchanges. The most prominent Nigerian upstream oil company accessible to NGX retail investors is Seplat Energy Plc, which has a dual listing on the NGX and the London Stock Exchange (LSE).
Oil and gas is a cyclical, commodity-linked sector. Earnings can be highly variable based on global crude prices, production volumes, cost control, and operational disruptions. It is considered higher-risk than consumer staples or utility sectors by many risk frameworks. Always read sector-specific risk disclosures carefully.
Checklist
What to research in the Nigerian oil & gas sector
Global crude oil price outlook
Upstream oil company earnings are highly correlated with global crude prices. Research the factors that drive oil prices — OPEC+ production decisions, global demand trends, geopolitical events — before assessing any oil company.
Production volumes and growth
Review reported production figures (barrels of oil equivalent per day) and how they have trended. Declining production without new reserves or acquisitions is a significant concern.
Reserve base and exploration assets
Oil companies depend on their oil and gas reserve base for future production. Review proved and probable reserves disclosures in annual reports and understand how many years of production the current reserve base supports.
Niger Delta operational risk
Pipeline vandalism, oil theft (bunkering), community disruptions, and government-related force majeure events are recurring operational risks for Nigerian upstream producers. Review how the company manages these risks.
Currency and repatriation
Oil revenues are typically in US dollars but Nigerian operations have Naira-denominated costs. Understand how currency movements affect the company's financials and dividend payment capacity.
Petroleum industry regulatory framework
The Petroleum Industry Act (PIA) 2021 introduced significant changes to Nigeria's upstream licensing, fiscal, and regulatory framework. Review the company's own disclosures on how PIA affects its operations and finances.
Questions