The purpose of this study was to empirically examine the relationship between corporate governance and firm survival of oil & gas companies in Rivers State. The study adopted cross-sectional survey design in accessing the study’s elements. While the study’s population comprise of senior staff of top management staff of these companies, however, a total of 36 personnel were administered copies of questionnaire. Information retrieved through this means were analyzed with Spearman’s Correlation Coefficient tool and results revealed that board composition and size have strong and positive correlation with firm survival. The study therefore concluded that presence of insider directors on the composition of the board brings about a greater knowledge of the firm, which has a positive effect on strategic planning decisions and firm survival. Based on the findings and conclusion, the study recommended that management of oil & gas companies who want to achieve sustainable survival should endeavor to furnish the Board with more of nonexecutive members; as these practices have been confirmed to improve supervision, employee productivity and operational efficiency.