Nigeria Oil and Gas Fishing Market is expected to reach US$ 64.71 Million by 2031

PRESS RELEASE BY The Insight Partners 03 Jul 2024

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Rise in Export of Crude Oil and Gas from Nigeria Bolsters Nigeria Oil and Gas Fishing Market Growth

According to our latest study on " Nigeria Oil and Gas Fishing Market Analysis to 2031 – Country Analysis – by Product and Application," the market was valued at US$ 44.34 million in 2023 and is projected to reach US$ 64.71 million by 2031; it is anticipated to record a CAGR of 4.8% from 2023 to 2031. Apart from growth drivers, the report covers the Nigeria oil and gas fishing market trends and their foreseeable impact during the forecast period.

Nigeria exports to Asia Pacific, Europe, and South America, which have rapidly increased the demand for crude oil and gas. According to the Nigerian Bureau of Statistics, the crude oil sector is the major revenue contributor to the total exports from Nigeria, with more than 87% of the total exports in the first quarter of 2024 valued at US$ 24.2 billion. The Nigerian government is taking initiatives to facilitate the natural gas sector growth and increase gas production owing to the rise in demand for natural gas as an energy transition fuel. This fuels the drilling and production activities in onshore and offshore wells. For instance, in March 2021, the Nigerian government launched the Decade of Gas initiative that focused on investment and planning the development of natural gas resources, increasing the export of natural gas to benefit economic growth. Such initiatives are boosting the growth of the natural gas sector and activities of exploration, drilling, and production, which fuels the demand for fishing tools and services in the country. Thus, the rise in exports of crude oil and gas fuels the Nigeria oil and gas fishing market growth.

Nigeria Oil and Gas Fishing Market Share — by Region, 2023

Nigeria Oil and Gas Fishing Market Share — by Region, 2023

Nigeria Oil and Gas Fishing Market Growth and Share by 2031

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Nigeria Oil and Gas Fishing Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Casing Cutters, Milling Tools, Overshots and Spears, Fishing Jars, and Others), Application (Onshore and Offshore), and Country

Source: The Insight Partners Analysis

Based on product, the Nigeria oil and gas fishing market is segmented into casing cutters, milling tools, overshots and spears, fishing jars, and others. In terms of application, the market is bifurcated into onshore and offshore. The growing development in the oil & gas sector in Nigeria is one of the major factors supporting fishing activities in the oilfields. Fishing tools are primarily leveraged to eliminate debris or junk from the wellbore. The growing drilling activities in the oil & gas sector are anticipated to propel the Nigeria oil and gas fishing market size over the forecast period. Further, the overshots and spears segment held the largest Nigeria oil and gas fishing market share in 2023.

Casing cutters are primarily used in fishing operations in the oil & gas industry to cut and chamfer the external casing conductor as part of wellhead completion before installing the blowout preventer (BOP). The casing cutter also leverages a portable pneumatic or hydraulic-powered machine tool for its operations. Majorly, the casing cutters are used for the internal cutting of single or multiple strings of casing, well abandonment, and drillpipe cutting operations. Baker Hughes, National Oilwell Varco, and Archer Ltd. are a few of the prime companies that offer casing cutters for oil and gas fishing activities. For instance, Archer Ltd offers casing cutters that are hydraulically actuated tubular cutting tools for cutting a wide scale of single and various tubing and casing strings.

Milling tools are primarily applied to grind metal objects at the bottom of the well, trim the fish crown, and occasionally grind shorter stuck drill rods and collars. As one of the efficient fishing equipment, milling tools are majorly used to grind stuck pipes, rods, and downhole tools. A few milling tools are concave sole grinding shoes, flat sole grinding shoes, guide collar eye grinding shoes, and tapered (pear-shaped) grinding shoes. Mill shoe is the equipment used for drilling and removing the sand, rock, cement, and other deposits around the fallen fish (object) in the well during the fishing operation. It can also be utilized to trim the upper part of the fish for better operation. Saigao Group, Baker Huges, and Archer Ltd are a few of the major companies that provide milling tools for oil and gas fishing procedures.

Overshots are a downhole tool utilized in fishing operations to engage on the outside surface of a tool or tube. A grapple on the overshot primarily grips the fish, supporting the usage of jarring action and tensile force. If the fish (junk) cannot be removed, a release system within the overshot supports the overshot to be disengaged and retrieved. Companies such as National Oilwell Varco, Archer Ltd., Welltec, and Baker Hughes offer overshots for fishing services in the oil & gas sector. For instance, Baker Hughes's Series 150 Bowen releasing and circulating overshot is designed and developed to handle all levels of jarring, pulling, and torsional strain. The bulldog overshot primarily offers a solution to catch fish (junk) with outer diameters that are considered massive for being captured by other approaches.

Kelo socket overshots are used to catch small-diameter workstrings and sucker rods inside the casing. It is also utilized to recover coiled tubing that remains in the hole. The t-dog, mouse-trap, and flipper-dog overshot can be used in three different ways for diverse washover functions. Welltec offers Welltec Wellgrab Hi-Range Overshot and Spear (HIROS), an advanced solution for downhole fishing operations. In addition, hydraulic casing spears offered by Baker Huyges can operate above a hydraulic or mechanical inside casing cutter, supporting cutting and casing pulling in a single trip. Overshots and spears play an important part in the overall oil and gas fishing services, which is anticipated to fuel the demand for overshots and spears in the Nigeria oil and gas fishing market over the forecast period.

The scope of the Nigeria oil and gas fishing market report focuses on Nigeria. The major oil & gas companies such as TotalEnergies are planning to leave Nigeria's onshore oil market. TotalEnergies and its partners declared the beginning of production from the Akpo West field on the PML2 license in Nigeria. By the middle of 2024, Akpo West is anticipated to add 14,000 barrels of production per day, followed by up to ~4 million cubic meters of gas per day by 2028. Shell has declared to sell its onshore Nigerian subsidiary, Shell Petroleum Development Company of Nigeria, to Renaissance, which is anticipated to benefit Shell's Bonga offshore platform in Nigeria's Gulf of Guinea. Key oil and gas companies such as Royal Dutch Shell, Chevron, Total SA, ExxonMobil, and Sterling Exploration are taking initiatives toward firming their position in the offshore oil & gas sector in Nigeria. Such initiatives by the government and leading operators in the oil & gas industry are boosting the growth of the oil & gas industry in Nigeria, thereby contributing to the growing Nigeria oil and gas fishing market size.  

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 among the key players profiled in the Nigeria oil and gas fishing market report. Companies in the Nigeria oil and gas fishing market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.

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