Nigeria Oil and Gas Fishing Market Growth and Share by 2031
The Nigeria oil and gas fishing market size is projected to reach US$ 64.71 million by 2031 from US$ 44.34 million in 2023. The market is expected to register a CAGR of 4.8% during 2023–2031. Government initiatives to boost oil and gas production are likely to remain key trends in the market.
Nigeria Oil and Gas Fishing Market Analysis
The oil & gas sector is experiencing substantial investments from the government, with many planned projects in the development stages. This will remain steady, specifically with the government initiatives and financing for oil & gas infrastructure development. There is a continuous rise in drilling activities since the oil & gas sector is well-positioned to serve the growing requirements of Nigeria.
Growing oil & gas exploration and production and the rising number of drilling activities are major driving factors for the Nigeria oil and gas fishing market. In addition, an increase in initiatives toward well maintenance is anticipated to support the growth of the Nigeria oil and gas fishing market.
Nigeria Oil and Gas Fishing Market Overview
In the context of oilfields and gas plants, fishing relates to the recovery of unwanted objects or materials left in the wellbore. While drilling, equipment such as tools, drill bits, and casing might get trapped or lost owing to unfavorable well conditions and mechanical breakdowns. Fishing techniques primarily help recover lost or stuck objects in the wellbore.
Major stakeholders in the Nigeria oil & gas fishing market ecosystem are raw material suppliers/distributors, hardware assemblies/fishing product manufacturers, and end users. A few popular oil & gas fishing product manufacturers and service providers are Archer Nigeria Limited, Baker Hughes Incorporated, Halliburton Company, Weatherford International PLC., Equity Petroleum Services Nigeria Ltd. NOV Inc., Schlumberger Ltd., Tecon Oil Services Ltd., Samtex Oilfield Services Nigeria Limited, and Uniterm Nigeria Limited, among others.
The ecosystem of the Nigeria oil & gas fishing market begins with the production and distribution of raw materials such as iron and steel. The fishing product manufacturers then assemble the manufactured parts to form fishing tools, which are then tested. Fishing product providers are focused on high-quality manufacturing of premium-grade oil & gas field equipment that surpasses international standards. This phase is followed by the supply of the oil & gas fishing products to the oilfield and gas plant operator companies. The major end-users of oil & gas fishing products are various oil fields and gas fields. The mounting number of oil & gas drilling activities in the crude oil & gas exploration industry and the continuously developing offshore oil & gas sector are among the major factors driving the oil & gas fishing market in Nigeria.
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Nigeria Oil and Gas Fishing Market: Strategic Insights
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Nigeria Oil and Gas Fishing Market Drivers and Opportunities
Growing Drilling Activities in Nigeria
Nigeria, an oil and gas-rich country in Africa, produces crude oil daily from onshore and offshore sources for export; it generates more than 80% of its foreign currency from oil. To maintain steady revenue, the number of operational oil rigs is rapidly increasing across the country. As per the monthly report from the Organization of Petroleum Exporting Countries, as of February 2024, the number of operational oil drilling rigs across Nigeria increased to 30 as compared to 8 and 10 rigs in 2021 and 2022, respectively. In addition, according to the Nigerian Upstream Petroleum Regulatory Commission, the number of oil drilling rigs in Nigeria increased by more than 250% over the last three years. Moreover, the oil & gas industry in Nigeria has set targets to increase production of crude oil to 2.6 million barrels per day by 2026 from the production level of ~1.5 million barrels per day in 2023. This gap between actual oil production and technical potential has created an investment opportunity for investors as well as the government of Nigeria to develop additional sources of revenue through offshore oil and gas production, addressing the current foreign exchange gap and strengthening its economic resilience. Thus, the growing drilling activities in Nigeria boosts oil and gas production, which results in a rise in fishing services or activities to recover unwanted material or components stuck in the well during drilling activities, which drives the Nigeria oil and gas fishing market.
Rise in Divestment in Onshore Oil Fields and Oil Discovery in Offshore Fields
Recent divestment in the onshore oil & gas sector in Nigeria resulted in the decline of production and increased demand for cleaning oil and gas assets or unwanted material stuck in the wells to ensure their viability for the long term. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) offered the short-term option to make a faster exit for oil majors by cleaning or paying to clean the assets such as oil and gas wells and related infrastructure with the aim of protecting environment, local communities, and extending the life of the asset.
Nigeria Oil and Gas Fishing Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Nigeria oil and gas fishing market analysis are product and application.
- Based on product, the Nigeria oil and gas fishing market is segmented into casing cutters, milling tools, overshots and spears, fishing jars, and others. The overshots and spears segment held the largest market share in 2023.
- The Nigeria oil and gas fishing market, on the basis of application, is bifurcated into onshore and offshore. The offshore segment held a larger share of the market in 2023.
Nigeria Oil and Gas Fishing Market Share Analysis by Geography
The geographic scope of the Nigeria oil and gas fishing market report offers a detailed analysis of Nigeria.
Nigeria is one of the largest oil and gas producers in Africa. As per CIA World Factbook, Nigeria's crude oil export consumers are China, India, the US, Spain, Brazil, France, and the Netherlands. The country's energy transition is one of the major concerns for the government of Nigeria. Striving policy reforms such as the elimination of petrol subsidy, the introduction of the Presidential Compressed Natural Gas Initiative, and strategic collaborations with state parties and corporate objects aim at fortifying a sustainable energy future for Nigeria. These strategic alliances were a persistent theme at COP28.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commenced the 2024 Licensing Round during the Offshore Technology Conference in Houston, Texas. This is one of the major steps taken by Nigeria's government to develop its oil & gas sector and draw the attention of international stakeholders. The Licensing Round provides exploration blocks with substantial economic capability, reinforced by a regulatory framework concentrated on the policies under the Petroleum Industry Act 2021.
Nigeria Oil and Gas Fishing Market Report Scope
Nigeria Oil and Gas Fishing Market News and Recent Developments
The Nigeria oil and gas fishing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Nigeria oil and gas fishing market are listed below:
- Brown & Root Energy Services (BRES), a business unit of Halliburton Company (NYSE: HAL), has been selected by The Shell Petroleum Development Company of Nigeria Limited (SPDC) and its partners to work on the development of the first major offshore oil and gas facility for SPDC in Nigeria. The contract, valued at approximately US$ 300 million, was awarded to BRES after successfully completing a consolidation study for the project. [Source: Brown & Root Energy Services (BRES), Press Release, April 2024]
- Archer acquired 65% of Vertikal Services AS and strengthened its engineering services portfolio. Vertikal Service AS (Vertikal) is a Norwegian energy services company established in 2003. Based in Volda, Vertikal has 125 employees and provides inspection, installation, and maintenance services to energy customers in the MMO, drilling, offshore and onshore wind, and hydro segments. Vertikal performs work using advanced industrial rope access techniques on complex structures such as offshore and onshore wind turbines, hydropower stations, and offshore oil and gas installations. (Source: Archer Nigeria Limited, Press Release, July 2023)
Nigeria Oil and Gas Fishing Market Report Coverage and Deliverables
The “Nigeria Oil and Gas Fishing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Nigeria oil and gas fishing market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Nigeria oil and gas fishing market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Nigeria oil and gas fishing market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Nigeria oil and gas fishing market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Government initiatives to boost oil and gas production to stimulate the Nigeria oil and gas fishing market growth in the coming years.
Overshots and Spears are expected to dominate the market over the forecast period.
Archer Nigeria Limited, Baker Hughes Co, Equity Petroleum Services Nigeria Ltd., NOV Inc., Schlumberger Ltd., Tecon Oil Services Ltd., Weatherford International Plc, Halliburton, Samtex Oilfield Services Nigeria Limited, and Uniterm Nigeria Limited are the key market players operating in the Nigeria oil and gas fishing market.
Growing drilling activities in Nigeria and rise in export of crude oil and gas from Nigeria are contributing to the growth of the Nigeria oil and gas fishing market.
Rise in divestment in onshore oil fields and oil discovery in offshore fields is expected to be the key opportunity in the market.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness by Product
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Nigeria Oil and Gas Fishing Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Nigeria Oil and Gas Fishing Market – Key Market Dynamics
5.1 Nigeria Oil and Gas Fishing Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Drilling Activities in Nigeria
5.2.2 Rise in Export of Crude Oil and Gas from Nigeria
5.3 Market Restraints
5.3.1 Lack of Skilled Labors in Fishing Services
5.4 Market Opportunities
5.4.1 Rise in Divestment in Onshore Oil Fields and Oil Discovery in Offshore Fields
5.5 Future Trends
5.5.1 Government Initiatives to Boost Oil and Gas Production
5.6 Impact of Drivers and Restraints:
6. Nigeria Oil and Gas Fishing Market Analysis
6.1 Nigeria Oil and Gas Fishing Market Revenue (US$ Million), 2021–2031
6.2 Nigeria Oil and Gas Fishing Market Forecast and Analysis
7. Nigeria Oil and Gas Fishing Market Analysis – by Product
7.1 Casing Cutters
7.1.1 Overview
7.1.2 Casing Cutters: Nigeria Oil and Gas Fishing Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Milling Tools
7.2.1 Overview
7.2.2 Milling Tools: Nigeria Oil and Gas Fishing Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Overshots and Spears
7.3.1 Overview
7.3.2 Overshots and Spears: Nigeria Oil and Gas Fishing Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Fishing Jars
7.4.1 Overview
7.4.2 Fishing Jars: Nigeria Oil and Gas Fishing Market – Revenue and Forecast to 2031 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: Nigeria Oil and Gas Fishing Market – Revenue and Forecast to 2031 (US$ Million)
8. Nigeria Oil and Gas Fishing Market Analysis – by Application
8.1 Onshore
8.1.1 Overview
8.1.2 Onshore: Nigeria Oil and Gas Fishing Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Offshore
8.2.1 Overview
8.2.2 Offshore: Nigeria Oil and Gas Fishing Market – Revenue and Forecast to 2031 (US$ Million)
9. Competitive Landscape
9.1 Heat Map Analysis by Key Players
9.2 Company Positioning and Concentration
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
11. Company Profiles
11.1 Baker Hughes Co
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Schlumberger NV
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Halliburton Co
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Tecon Oil Sevices Ltd.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 NOV Inc
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Weatherford International Plc
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Samtex Oilfield Services Nigeria Limited
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Uniterm Nigeria Limited
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Equity Petroleum Services Nigeria Limited
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Archer Nigeria Limited
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
List of Tables
Table 1. Nigeria Oil and Gas Fishing Market Segmentation
Table 2. List of Vendors
Table 3. Nigeria Oil and Gas Fishing Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Nigeria Oil and Gas Fishing Market – Revenue and Forecast to 2031 (US$ Million) – by Product
Table 5. Casing Cutters: Nigeria Oil and Gas Fishing Market– Revenue and Forecast to 2031 (US$ Million)
Table 6. Nigeria Oil and Gas Fishing Market – Revenue and Forecast to 2031 (US$ Million) – by Application
List of Figures
Figure 1. Nigeria Oil and Gas Fishing Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Nigeria Oil and Gas Fishing Market Revenue (US$ Million), 2021–2031
Figure 5. Nigeria Oil and Gas Fishing Market Share (%) – by Product, 2023 and 2031
Figure 6. Milling Tools: Nigeria Oil and Gas Fishing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 7. Overshots and Spears: Nigeria Oil and Gas Fishing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 8. Fishing Jars: Nigeria Oil and Gas Fishing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 9. Others: Nigeria Oil and Gas Fishing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 10. Nigeria Oil and Gas Fishing Market Share (%) – by Application, 2023 and 2031
Figure 11. Onshore: Nigeria Oil and Gas Fishing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 12. Offshore: Nigeria Oil and Gas Fishing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 13. Heat Map Analysis by Key Players
Figure 14. Company Positioning and Concentration
The List of Companies - Nigeria Oil and Gas Fishing Market
- Archer Nigeria Limited
- Baker Hughes Co
- Equity Petroleum Services Nigeria Ltd.
- NOV Inc.
- Schlumberger Ltd.
- Tecon Oil Services Ltd.
- Weatherford International Plc
- Halliburton
- Samtex Oilfield Services Nigeria Limited
- Uniterm Nigeria Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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