Petroleum has long been a cornerstone of Nigeria’s economy, driving significant revenue and development across the nation.  With over 1481 active wells and 159 oil fields, Nigeria stands as a prominent player in the global oil market, largely due to its rich reserves concentrated mainly in the Niger Delta Basin.

Oil wells, essential for extracting petroleum hydrocarbons from deep within the Earth, are owned by a mix of Nigerian and foreign entities. 

Here are some notable licensed oil well owners in Nigeria, shedding light on their influence and contributions to the industry.

Alhaji Mai Daribo – OML 110

Alhaji Mai Daribo, a prominent figure from Borno State, oversees the lucrative OML 110. This oil block is home to the prolific OBE oil field, estimated to contain approximately 500 million barrels of oil reserves. At an average benchmark price of $100 per barrel, this translates to a staggering $500 billion in reserves. Daribo’s operations yield substantial profits, with annual revenues exceeding $20 billion post-tax.

Prince Nasiru Ado Bayero – ASUOKPU/UMUTU Fields

Prince Nasiru Ado Bayero, cousin to former CBN Governor Lamido Sanusi, manages the ASUOKPU/UMUTU fields under Seplat Petroleum. These fields boast a daily production capacity of 300,000 barrels, generating around $30 million daily at current market prices.

General Theophilus Danjuma – OPL 246

General Theophilus Danjuma, through his company SAPETRO, controls OPL 246, a major contributor to Nigeria’s oil exports. This block produces up to 230,000 barrels of crude oil daily, playing a pivotal role in the nation’s economy.

Colonel Sanni Bello – NOML 112 and OML 117

Colonel Sanni Bello, affiliated with the International Petroleum Development Corporation, holds sway over NOML 112 and OML 117. His operations are integral to Nigeria’s oil sector, leveraging significant production capabilities.

Alhaji Mohammed Ludimi – OML 115, OLDWOK Field, and EBOk Field

Alhaji Mohammed Ludimi, with ties to former military leader Ibrahim Babangida, oversees OML 115 along with the OLDWOK and EBOk fields. His contributions underscore the familial and strategic connections prevalent in Nigeria’s oil industry.

Alhaji Sela Mohammed Gambo – OML 215

Alhaji Sela Mohammed Gambo heads Nor East Petroleum Limited, which operates OML 215. His role highlights the entrepreneurial spirit driving indigenous oil exploration efforts in Nigeria.

Mike Adenuga – Conoil and Multiple Blocks

Mike Adenuga, a renowned entrepreneur and owner of Conoil, manages multiple blocks contributing over 200,000 barrels of crude oil daily. His company, a pioneer in Nigeria’s indigenous oil exploration sector, plays a pivotal role in the nation’s energy landscape.

Alhaji Aminu Cantata – OML 108

Alhaji Aminu Cantata oversees OML 108 through Express Petroleum Company Ltd. His operations underscore the diversity of stakeholders driving Nigeria’s oil production.

Alhaji W.I. Folawiyo – OML 113

Alhaji W.I. Folawiyo manages OML 113 under Yinka Folawiyo Ltd., contributing significantly to Nigeria’s oil output and economic stability.

Atiku Yaradua, Bayero

Atiku Yaradua and Bayero are a prominent couple who own Intel and hold a respected position in Nigeria’s oil and gas development sector.