⛽ Nigeria’s Oil Comeback: Seplat, Oando, Aradel Drive Huge Production Surge in H1 2025
Nigeria’s top three indigenous oil and gas producers — Seplat Energy, Oando Plc, and Aradel Holdings — have staged a strong rebound in crude oil output in the first half of 2025, even as global prices softened. Together, they pumped an average of 126,314 barrels per day of crude, with total production (including gas) hitting 194,288 barrels of oil equivalent per day (boepd).
This surge comes on the back of new asset acquisitions, improved infrastructure uptime, tighter operational discipline, and enhanced security on key pipelines. The recovery is part of Nigeria’s push to lift national oil output towards the ambitious 3 million bpd target from the current ~1.78 million bpd.
Seplat Energy – The Biggest Gainer
Seplat led the pack with an average 134,492 boepd, of which 100,327 bpd was crude oil — a staggering 178% jump from the same period last year. The company’s performance was boosted by the restoration of 29 idle wells (adding about 25,900 bpd) and improved uptime on offshore and onshore assets.
• Capex: $96.5 million, focusing on well completions, drilling, and the Sapele Integrated Gas Plant.
• Financials: Revenue surged 231% y/y to $1.4 billion, but net profit dropped 45% to $27.4 million due to higher costs and taxes.
• Share Price: ₦5,450 (+3.9% YtD).
CEO Roger Brown said the results were above guidance and aligned with both company and national growth ambitions.
Oando Plc – Riding on Asset Integration
Oando’s crude oil output averaged 10,479 bpd, up 77% from last year, with total production at 37,012 boepd (+63%). The boost came largely from the integration of NAOC assets, better utilisation of the Trans Niger Pipeline, and more crude liftings (from 10 to 14 cargoes).
• Capex: $250–$270 million, aimed at integration, infrastructure upgrades, and ESG initiatives.
• Financials: Revenue fell 15% to ₦1.72 trillion on lower trading volumes and weaker oil prices, but net profit rose to ₦63.3 billion, aided by a ₦209 billion tax credit.
• Share Price: ₦53 (+58% in the last 12 months).
CEO Wale Tinubu credited the performance to holistic security measures, improved community relations, and infrastructure reliability.
Aradel Holdings – Steady Performer with Diversification
Aradel averaged 15,508 bpd of crude (+19.7% y/y) and 41.2 mmscfd of gas (~7,276 boepd), while selling 165.3 million litres of refined products (+32.7% y/y).
• Capex: ₦48.1 billion, slightly down from last year, reflecting disciplined spending.
• Financials: Revenue rose 37% to ₦368.1 billion; net profit jumped 40% to ₦146.4 billion, supported by associate earnings and stable crude evacuation through both the TNP and ACE systems.
• Share Price: ₦520 (-1.5% YtD).
CEO Adegbite Falade highlighted minimal crude losses and improved pipeline utilisation as key drivers.
Industry Outlook
With more drilling projects lined up and continued improvements in pipeline uptime, these producers are positioned to sustain momentum into the second half of 2025. However, the strength of the rebound will depend on:
• Global oil price trends
• Security stability in oil-producing regions
• Consistent regulatory enforcement
Nigeria entered 2025 producing between 1.6–1.67 million bpd, but efforts to curb oil theft and improve infrastructure helped push production to 1.8 million bpd by July, the highest since late 2023.
Nigeria’s top three indigenous oil and gas producers — Seplat Energy, Oando Plc, and Aradel Holdings — have staged a strong rebound in crude oil output in the first half of 2025, even as global prices softened. Together, they pumped an average of 126,314 barrels per day of crude, with total production (including gas) hitting 194,288 barrels of oil equivalent per day (boepd).
This surge comes on the back of new asset acquisitions, improved infrastructure uptime, tighter operational discipline, and enhanced security on key pipelines. The recovery is part of Nigeria’s push to lift national oil output towards the ambitious 3 million bpd target from the current ~1.78 million bpd.
Seplat Energy – The Biggest Gainer
Seplat led the pack with an average 134,492 boepd, of which 100,327 bpd was crude oil — a staggering 178% jump from the same period last year. The company’s performance was boosted by the restoration of 29 idle wells (adding about 25,900 bpd) and improved uptime on offshore and onshore assets.
• Capex: $96.5 million, focusing on well completions, drilling, and the Sapele Integrated Gas Plant.
• Financials: Revenue surged 231% y/y to $1.4 billion, but net profit dropped 45% to $27.4 million due to higher costs and taxes.
• Share Price: ₦5,450 (+3.9% YtD).
CEO Roger Brown said the results were above guidance and aligned with both company and national growth ambitions.
Oando Plc – Riding on Asset Integration
Oando’s crude oil output averaged 10,479 bpd, up 77% from last year, with total production at 37,012 boepd (+63%). The boost came largely from the integration of NAOC assets, better utilisation of the Trans Niger Pipeline, and more crude liftings (from 10 to 14 cargoes).
• Capex: $250–$270 million, aimed at integration, infrastructure upgrades, and ESG initiatives.
• Financials: Revenue fell 15% to ₦1.72 trillion on lower trading volumes and weaker oil prices, but net profit rose to ₦63.3 billion, aided by a ₦209 billion tax credit.
• Share Price: ₦53 (+58% in the last 12 months).
CEO Wale Tinubu credited the performance to holistic security measures, improved community relations, and infrastructure reliability.
Aradel Holdings – Steady Performer with Diversification
Aradel averaged 15,508 bpd of crude (+19.7% y/y) and 41.2 mmscfd of gas (~7,276 boepd), while selling 165.3 million litres of refined products (+32.7% y/y).
• Capex: ₦48.1 billion, slightly down from last year, reflecting disciplined spending.
• Financials: Revenue rose 37% to ₦368.1 billion; net profit jumped 40% to ₦146.4 billion, supported by associate earnings and stable crude evacuation through both the TNP and ACE systems.
• Share Price: ₦520 (-1.5% YtD).
CEO Adegbite Falade highlighted minimal crude losses and improved pipeline utilisation as key drivers.
Industry Outlook
With more drilling projects lined up and continued improvements in pipeline uptime, these producers are positioned to sustain momentum into the second half of 2025. However, the strength of the rebound will depend on:
• Global oil price trends
• Security stability in oil-producing regions
• Consistent regulatory enforcement
Nigeria entered 2025 producing between 1.6–1.67 million bpd, but efforts to curb oil theft and improve infrastructure helped push production to 1.8 million bpd by July, the highest since late 2023.