Nigeria / Nigeria (Part III: Economy) – Integrated Chinese-English Wikipedia entries, compiled, translated, and edited by Liaoguan

Nigeria has a total of 159 oil fields and 1,481 wells in operation according to the Department of Petroleum Resources. [195] The most productive region of the nation is the coastal Niger Delta Basin in the Niger Delta or 'south-south' region, which encompasses 78 of the 159 oil fields. Most of Nigeria's oil fields are small and scattered, and as of 1990, these small fields accounted for 62.1% of all Nigerian production. This contrasts with the sixteen largest fields, which produced 37.9% of Nigeria's petroleum at that time. [196] Petrol was Nigeria's main import commodity until 2021, accounting for 24% of import volume. [197]

The international oil & gas M&A market cools down quietly; energy majors shift toward strategic realignment and industry reshuffling

Saudi oil and gas drilling contractor ADES announced it will acquire UAE-based major offshore drilling contractor Shelf Drilling for USD 379.3 million in cash. The merged company will operate a fleet of 83 jack-up drilling rigs, serving 14 countries across the Middle East, North Africa, Europe, South Asia, Southeast Asia, West Africa, and the North Sea—aiming to establish the world’s largest shallow-water drilling fleet. This wave of industrial integration reflects the deep structural adjustments underway in the oil and gas sector, as companies seek to enhance risk resilience and market competitiveness through vertical integration. 04 Future-oriented positioning: Competition for critical mineral resources Driven by sustainability goals and forward-looking strategy, metal and mineral resources remain a focal point of international oil & gas M&A activity. International oil companies are actively securing key resources for future energy systems. On June 17, U.S.-based Chevron announced the acquisition of approximately 125,000 acres of oilfield acreage straddling northeast Texas and southwest Arkansas. These areas host the lithium-rich Smackover Formation, marking Chevron’s formal entry into lithium production and its strategic expansion into the lithium industry. In 2023, ExxonMobil acquired mining rights to 120,000 acres of land in southern Arkansas, announcing plans to scale production to meet the annual lithium demand of one million electric vehicles by 2030. In 2024, Equinor acquired a 45% stake in two lithium projects operated by U.S.-based Standard Lithium in Texas and Arkansas. Occidental Petroleum and Berkshire Hathaway Energy (BHE), led by Warren Buffett, announced the formation of a joint venture dedicated to lithium extraction. These initiatives signal that international oil companies are proactively responding to the energy transition challenge by investing in critical new-energy materials—such as lithium battery components—to identify new growth engines for future business development. 05 Asset divestiture: International oil companies optimize investment portfolios Under pressure from prior M&A-related capital commitments and financial strain caused by falling oil prices, international oil companies continue to divest non-core oil and gas assets. This trend has been especially pronounced in the first half of this year. ExxonMobil sold its shares in Esso Sustainable Aviation Fuel France—a French subsidiary—to a Canadian energy group; and exited Singapore’s retail fuel market entirely by selling its extensive network of 58 fully-operational service stations there for USD 1 billion. Shell transferred its onshore Nigerian asset SPDC, its Indonesian retail fuel business, and its Singapore energy and chemical park interests—and is considering selling its chemical assets in Europe and the United States. BP sold its refining and chemical assets in Germany’s Ruhr industrial region; sold its natural gas pipeline stake to Apollo Funds for USD 1 billion; plans to divest its mobility and convenience-store operations in Austria; and is considering selling Castrol, its lubricants division, for USD 10 billion. Chevron sold natural gas assets in eastern Texas for USD 500 million. It should be noted that international oil companies are not simply selling off assets indiscriminately. While divesting and streamlining, they are also selectively acquiring core oil and gas assets—including those offering synergies with existing holdings—as well as deepwater exploration and development assets. 06 Strategic adjustment: New developments emerge in the renewable energy sector

Shell to Sell Its Nigeria Gas Business to Vaaris Energy

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Shell agreed to sell its Nigeria Gas Group to Vaaris Energy to simplify its portfolio, while simultaneously raising its third-quarter integrated gas production forecast.

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Shell to Sell Its Nigeria Gas Business to Vaaris Energy

Shell to Sell Its Nigeria Gas Business to Vaaris Energy

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