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2020 Oil & Gas Downstream Industry Report

Overview

The demand for petroleum products (‘white fuels’) in Nigeria has maintained an upward trajectory driven by increased economic activities. The total consumption of white fuels in Nigeria in 2019 stood at 28.1 billion litres, translating to a total revenue of ₦4.7 trillion. Despite the dominance of PMS (74%) in the total consumption of white fuels, we note positively the increasing preference of Liquefied Petroleum Gas (LPG) compared to other white fuels like Household Kerosene (HHK). The consumption of LPG has recorded an average year-on-year growth of 3% in the last five years largely on the back of the sensitisation drive by the government to encourage its use nationwide.

However, in 2020, the impact of the COVID-19 pandemic on economic activities in Nigeria has resulted in the decline of the consumption of petroleum products. The lockdown restrictions which were implemented by the government as part of an effort to curtail the spread of the coronavirus disease affected the consumption of PMS significantly. Thus, by 2020-year end, we expect the consumption statistics of products such as PMS, diesel and ATK to decline due to the limited economic activities. However, LPG should maintain its upward trajectory despite the COVID-19 pandemic.

Contents of the Oil & Gas Downstream Report

This Report is broadly divided into eight sections. Section One gives an in-depth review of the Nigerian Oil & Gas Downstream Industry, while Section Two assesses the storage, distribution and pricing of petroleum products in Nigeria. Section Three looks at the regulatory environment, highlighting recent developments within that space. Section Four assesses the competitive environment and competitive positioning of industry operators, while key success factors, challenges and opportunities are discussed in detail in section Five. Section Six assesses the industry’s financial condition highlighting key drivers of financial performance. Section seven contains our closing remarks and industry risk rating. The final section contain the appendices to the report including summaries of the financial statements of key industry operators.

This report provides information on the attributes and performance of the Oil & Gas Downstream Industry in Nigeria (“the Industry”). Our report provides information on:

  • The size and structure of the Industry
  • The impact of COVID-19 on the Industry
  • An assessment of the Industry’s financial condition
  • A review of the Industry’s regulatory environment
  • An analysis of competitive activity in the Industry
  • An overview of the key strengths and weaknesses of the Industry

 

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Benefits of the Oil & Gas Downstream Report

This report provides information on the attributes and performance of the Oil & Gas Downstream Industry in Nigeria (“the Industry”). Our report provides information on:

  • The size and structure of the Industry
  • The impact of COVID-19 on the Industry
  • An assessment of the Industry’s financial condition
  • A review of the Industry’s regulatory environment
  • An analysis of competitive activity in the Industry
  • An overview of the key strengths and weaknesses of the Industry
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