Masters Energy Oil and Gas Ltd

What Masters Energy Oil and Gas Ltd does

Masters Energy Oil & Gas Ltd is a Nigerian privately held integrated midstream and downstream energy company incorporated in 2005 and headquartered in Ikeja, Lagos. It operates across the full downstream oil and gas value chain: petroleum product trading (PMS, AGO, DPK, LPFO), crude oil term contracts and the NNPC Direct Sales & Direct Purchase (DSDP) programme, large-scale terminal storage (the largest private petroleum storage in Nigeria at 158,000MT at its Port Harcourt hub), retail filling stations across Nigeria, LPG storage and distribution (plants in Lagos, Enugu, and Port Harcourt), SON-certified lubricants manufacturing (36,000MT/year across Mowe and Uturu), aviation fuel supply via the JUHI-2 consortium depot at Murtala Muhammed International Airport, and supporting logistics including a 100+ truck fleet, marine and shipping services, dredging and shore reclamation, engineering services, and special transportation.

The company's revenue model is diversified across transaction-fee based streams: bulk petroleum trading margins, retail filling station fuel sales, third-party storage and terminal fees, lubricants sales (hardware), LPG and gas exchange retail, aviation fuel supply, and crude oil term-contract margins. Customers span corporate and institutional buyers (corporate organizations, hospitals, fast food outlets, churches, telecom base stations), other oil and gas companies requiring storage, individual consumers via retail outlets, airlines via the JUHI-2 depot, and NNPC/government entities for crude and DSDP transactions. Key supply-side relationships — Dangote Refinery PMS offtake, NNPC crude/DSDP/PPMC allocations, NLNG FOB sales agreement, and JUHI-2 consortium participation — anchor its preferential access to inputs.

Distribution is multi-channel: retail filling stations, on-the-spot depot sales, fleet delivery (including digitized metered trucks for small-volume consumers), marine/shipping logistics, and an airside aviation depot. The company holds regulatory licenses from NMDPRA and the Nigerian Ports Authority, is a subsidiary of Masters Energy Group (a diversified conglomerate with interests in oil and gas, power, EPC, petrochemicals, aviation, shipping, and marine), and operates subsidiaries including Masters Bureau De Change, Olive Microfinance Bank, Masters Energy Commodities Trading Ltd, and Multi Dimensions Chemicals & Allied Products Ltd. No public listing or external institutional investment is disclosed.

Name

Masters Energy Oil and Gas Ltd

Legal name

Masters Energy Oil & Gas Ltd

Website

https://mastersenergyltd.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Masters Energy Oil & Gas Ltd is a Nigerian privately held integrated midstream and downstream oil and gas company operating Nigeria's largest private petroleum storage terminal (158,000MT), retail filling stations, LPG plants, lubricants manufacturing, and aviation fuel supply across Nigeria and Sub-Saharan Africa.

Ownership category

akta.pro rank

Product category

Downstream Oil and Gas Services

NAICS

Petroleum Bulk Stations and Terminals (424710), Pipeline Transportation of Refined Petroleum Products (486910), Petroleum Lubricating Oil and Grease Manufacturing (324191), Pipeline Transportation of Crude Oil (486110)

SIC

Wholesale-Petroleum Bulk Stations & Terminals (5171), Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Refined Products Tank Farms & Terminals (TLAGAKAB)

akta.pro secondary industries

Crude Oil & Condensate Terminals (Tank Farms, Marine/Truck/Rail Loading) (EUALAEAA), Blending, Additization & Terminal Operations (In-Terminal Blending, Dyeing, Bio-blending) (EUALAEAJ), LPG / Propane-Butane Products Pipeline Transportation (TLAGABAH), Oilfield & Refining Specialty Chemicals (IMAEABAI), Commercial & Fleet Fueling (Cardlock, On-Site Tanks, Bulk Delivery) (EUALAIAD)

Keywords

• Petroleum products trading
• Lubricants manufacturing
• LPG storage distribution
• Aviation fuel supply
• Downstream oil gas services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Petroleum Products Trading: Importers, bulk buyers and sellers of petroleum products. Trading petroleum derivatives including Premium Motor Spirit (PMS), Automotive Gasoline Oil (AGO), Dual Purpose Kerosene (DPK), and Low Pour Fuel Oil (LPFO). Products sourced from overseas and through NNPC/PPMC coastal allocations. Bulk petroleum sales through vessel trans shipments and coastal bunkering.
2. Retail Filling Stations: Nationwide network of filling stations serving as main retail outlets, bringing petroleum products closer to consumers at affordable prices and building corporate presence across Nigeria.
3. Terminal and Storage Services: Storage and distribution services for PMS, DPK, Jet-A1 and other petroleum products through owned terminals. Also provides storage facilities to external clients. JV with Amiable Oil and Gas Ltd for expanded storage in Rivers State.
4. LPG Storage and Distribution: LPG plant operations in Lagos (65MT), Enugu (50MT), and 4 skid plants in Port Harcourt. Gas storage terminal under construction in Port Harcourt. Bulk purchase agreement with NNPC and FOB sales agreement with NLNG.
5. Lubricants Manufacturing and Sales: Production and sale of branded lubricants including Masters Super Plus (SAE20W50), Master SUN1 Engine Oil (SAE5W40), Masters Force 1 (SAE15W40), Masters Motor Oil (SAE40), and Masters Diesel Oil (SAE40). SON-certified.
6. Transport and Logistics Services: Fleet of over 100 petroleum product trucks and 10 metered digitized trucks. Services include product delivery to filling stations, smaller local consumers (fast food outlets, private homes, churches, telecom base stations), and leased trucking to other organisations.
7. Aviation Fuel Supply (Jet-A1): Supply of Jet-A1 fuel through JUHI-2 consortium at Murtala Mohammed International Airport, Lagos. 150-million-litre monthly supply capacity.
8. Crude Oil and DSDP: Crude oil sales and purchase term contract with NNPC. Selected for Direct Sales & Direct Purchase (DSDP) with NNPC for crude transactions.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Masters Energy Oil & Gas Ltd is an integrated midstream and downstream oil and gas company that trades, stores, distributes, and sells petroleum products (PMS, AGO, DPK, LPFO, Jet-A1), LPG, and SON-certified lubricants. It operates Nigeria's largest private petroleum storage terminal (158,000MT capacity), a fleet of 100+ trucks for nationwide distribution, two lubricants blending plants, and the JUHI-2 aviation fuel depot at Murtala Muhammed International Airport. Supporting services include marine/shipping, engineering, dredging, and special transportation.

Product overview

Masters Energy Oil & Gas Ltd is a fully integrated midstream and downstream energy company incorporated in Nigeria in 2005. The company operates as a platform of interconnected services including petroleum product trading and marketing (Oil Services), large-scale storage and distribution (Terminal Storage), retail outlets, LPG storage and distribution (Gas Services), lubricants manufacturing, aviation fuel supply, crude oil trading (Crude Term Contract & DSDP), and supporting logistics services (Transport Services, Marine & Shipping Services, Engineering Services, Dredging & Shore Reclamation, Special Transportation). The portfolio is unified under Masters Energy Group's integrated energy operations model.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Largest private petroleum storage terminal in Nigeria with 158,000MT capacity
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Walter Smith LimitedminorStrategic or Co-development Partner · 25 June 2026Walter Smith Limited's Chairman Mr Abdulrazaq Isa, OFR, and leadership team visited Masters Energy Oil & Gas at its Port Harcourt operations hub (Masters Energy City). The engagement provided an opportunity for discussions on industry developments and the growing role of indigenous companies in expanding infrastructure and strengthening energy security. Walter Smith Limited commended the scale of investment and progress recorded across Masters Energy's operations.
• Dangote RefinerycoreStrategic or Co-development Partner · 26 February 2026Masters Energy Oil & Gas Limited has been listed among selected petroleum marketing companies to offtake Premium Motor Spirit (PMS) from the Dangote Refinery for nationwide distribution. The framework involves collective distribution of 60-65 million litres of petrol daily across Nigeria. Masters Energy is strategically positioned to receive PMS directly from the Dangote Refinery for distribution through its growing retail and commercial network. This reflects a globally recognised downstream petroleum value chain model where refineries focus on crude oil refining while licensed marketing companies manage bulk purchase (offtake) and nationwide distribution.
• JUHI-2 Ventures Ltd ConsortiumcoreStrategic or Co-development Partner · 1 October 2024Masters Energy participated in the JUHI-2 consortium alongside approximately six other Nigerian energy companies to construct and launch the nation's largest airside aviation fuel depot at Murtala Muhammed International Airport, Ikeja, Lagos in October 2024. The 15-million-litre facility, with 150-million-litre monthly supply capacity, features state-of-the-art filtration and safety systems, significantly boosting local jet fuel supply for airlines.
• Amiable Oil and Gas LtdminorStrategic or Co-development Partner · 1 September 2014In September 2014, Masters Energy and Amiable Oil and Gas Ltd announced the opening of a Joint Venture of terminals and storage facilities in Rivers State, Nigeria, to expand the storage and distribution of PMS, DPK, AGO, JET-A, and other chemicals to high demand areas.
• Nigerian National Petroleum Corporation (NNPC)coreStrategic or Co-development PartnerMasters Energy has an existing crude oil sales and purchase term contract with NNPC. The company is also one of the few selected for the Direct Sales & Direct Purchase (DSDP) programme with NNPC. Additionally, Masters Energy holds a bulk purchase agreement with NNPC for LPG supply.
• Nigerian LNG Limited (NLNG)coreStrategic or Co-development PartnerMasters Energy Oil & Gas has a Masters FOB (Freight on Board) Sales agreement with NLNG for LNG supply, complementing the NNPC bulk purchase agreement for LPG.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Oando Plc: Largest Nigerian indigenous integrated energy company with downstream (retail, trading) and midstream (terminals) operations. Closest direct peer to Masters Energy in terms of integrated midstream-downstream platform and Dangote offtake participation.
• Ardova Plc: Formerly Forte Oil, Nigerian downstream operator with retail filling stations, lubricants ( lubricants blending) and petroleum trading. Direct competitor in retail and lubricants adjacencies.
• Conoil Plc: Nigerian downstream oil company operating one of the largest retail networks and petroleum product terminals in Nigeria. Directly comparable in petroleum trading, storage and retail filling station operations.
• Sahara Group: Nigerian-headquartered energy conglomerate with downstream operations (Sahara Energy, Asharami Energy) covering trading, storage, lubricants and LPG. Comparable integrated platform with significant terminal and aviation fuel infrastructure.
• Aiteo Group: Nigerian integrated energy company with upstream, midstream and downstream operations including storage terminals and petroleum product trading. Comparable in midstream-downstream integration.
• MRS Oil Nigeria Plc: Nigerian downstream operator with significant retail filling station presence and petroleum product trading. Comparable in retail network scale and participation in the Dangote Refinery PMS offtake framework.

Broad incumbents

• Vivo Energy Plc: African-focused downstream operator (Shell licensee) with retail, lubricants, LPG and aviation fuel presence in Nigeria. Comparable in product categories and customer segments but part of a pan-African portfolio.
• NNPC Retail Limited: Downstream retail subsidiary of the Nigerian National Petroleum Company operating filling stations across Nigeria. State-backed broad incumbent in the same downstream retail space.
• TotalEnergies Marketing Nigeria: Nigerian subsidiary of TotalEnergies with a nationwide retail network, lubricants, LPG and aviation fuel operations. Larger international incumbent offering overlapping capabilities but as part of a global portfolio.

Emerging players

• Heyden Petroleum & Gas Ltd: Nigerian downstream oil and gas company with petroleum trading, storage, LPG and lubricants operations. Smaller-scale comparable in the Nigerian midstream/downstream space with overlapping product set.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/masters-energy-oil-and-gas-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries5 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 Masters Energy Oil and Gas Ltd