Mart Resources

Name

Mart Resources

Legal name

Mart Umusadege Resources Nigeria Limited

Website

https://martresources.com.ng

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Oil Production and Sales: Mart Resources generates revenue through production and sale of crude oil from the Umusadege field, in which it holds a 50% economic interest. The company achieved production of 25,000 bopd and has recorded reserves growth exceeding 17% through continued field development activities.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels1 record

Core offering

Mart Umusadege Resources Nigeria Limited (Mart Resources) operates upstream oil and gas assets in the Niger Delta region of Nigeria, with a primary focus on developing and producing crude oil from the Umusadege field. The company engages in joint venture partnerships and risk service arrangements to extract, process, and sell crude oil to enterprise-level buyers.

Product overview

Mart Resources operates as an upstream oil and gas company focused on the Niger Delta region. The company's primary offering is the development and production of the Umusadege onshore oil field, in which it holds a 50% economic interest under Risk Service Agreements with Midwestern Oil and Gas and Sun Trust Oil. The company provides integrated services including funding, technical operations, rig services, oil processing (via 10,000 b/d early production facility and 35,000 b/d central processing facility), and crude oil evacuation through multiple pipeline routes (ASE River/Brass Terminal and Umugini Pipeline/Forcados Terminal). The product portfolio centers on the Umusadege field as the core strategic asset, supported by risk service partnership arrangements and processing/evacuation infrastructure.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Production growth from 3,000 bopd (2008) to 25,000 bopd
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• Midwestern Oil and Gas CompanycoreStrategic or Co-development Partner · 1 January 2016Midwestern Oil and Gas is the operator of the Umusadege field and acquired Mart Resources in 2016, leading to Mart's delisting from the Toronto Stock Exchange. Following the acquisition, Mart has positioned itself as the foremost Technical Partner of choice for Midwestern in developing oil fields sustainably within the Niger Delta.
• Umugini Pipeline Infrastructure LimitedcoreTechnology or IntegrationAffiliate company providing pipeline infrastructure for oil evacuation from the Umusadege field through Trans Forcados to Forcados Terminal.
• Sun Trust Oil CompanycoreStrategic or Co-development PartnerSun Trust Oil is a co-venturer in the Umusadege field under Risk Service Agreement with Mart Resources. Mart provided funding and technical services to the field in exchange for 50% economic interest, working alongside Midwestern and Suntrust as Risk Service Partners.

Scale indicators4 records

Recent moves6 records

Expansion highlights3 records

Broad incumbents

• Nigerian National Petroleum Company (NNPC): NNPC is Nigeria's national oil company and the country's largest upstream participant via JV interests with IOCs across the Niger Delta. It is a comparable broad incumbent shaping the fiscal and operational environment in which Mart operates.
• Addax Petroleum (Sinopec): Addax Petroleum (now a Sinopec subsidiary) operates significant onshore production in the Niger Delta through OMLs 123, 124, 126, and 137. It is a broad incumbent operating comparable shallow onshore Niger Delta acreage under similar JV structures.
• Chevron Nigeria Limited: Chevron Nigeria operates major onshore and shallow-water concessions in the Niger Delta and is a partner in several indigenous-led JVs. It is comparable as a broad incumbent IOC operating adjacent to Mart's onshore acreage with overlapping evacuation infrastructure.

Emerging players

• Waltersmith Petroman Oil: Waltersmith is an indigenous Nigerian upstream company operating the Ibigwe field (OML 16) in the Niger Delta. It is comparable as a smaller indigenous Nigerian E&P focused on onshore field development and modular processing infrastructure.

Others

• Midwestern Oil and Gas Company: Midwestern is Mart's parent company and operator of Umusadege, with broader upstream interests across the Niger Delta. It is included as the parent and counterparty under Mart's RSA, providing direct operational and strategic comparison.

Direct peers

• Aiteo Group: Aiteo is an indigenous Nigerian integrated energy company with significant upstream production in the Niger Delta, including OML 29. Its onshore production model, JV partnerships, and focus on Nigeria-only operations are highly analogous to Mart's strategy.
• Oando Plc: Oando is a Nigerian integrated energy company with significant upstream production through Oando Energy Resources, primarily in the Niger Delta. It is comparable to Mart as a Nigerian-domiciled upstream operator with JV-partnered assets.
• ND Western Limited: ND Western is an indigenous Nigerian upstream operator that acquired OML 34 in the Niger Delta and partners with NNPC and other operators. It is directly comparable as a homegrown Nigerian E&P focused on onshore Delta-region production.
• Eroton Exploration and Production: Eroton is the operator of OML 18 in the Niger Delta, formerly a JV involving Shell, Total, and ENI. It is comparable to Mart as a Nigerian upstream operator running JV-partnered onshore Niger Delta production and processing assets.
• Seplat Energy: Seplat Energy is a leading Nigerian independent upstream operator with onshore and offshore Niger Delta assets, including OMLs acquired from the same marginal field bid rounds that gave Mart its Umusadege interest. Both companies operate under similar RSA/JV structures and target indigenous production growth in Nigeria.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mart-resources

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mart Resources