Despite Major Divestments, Four Oil Firms Record N5.79tn Revenue In 2024

…Stakeholders Hinge Revenue Growth To Sound Regulatory Framework

Top oil and gas operators in Nigeria posted mega revenues in 2024, as their earnings rose to a stunning N5.79tn following high crude oil prices and increased crude oil production.

Last year marked a major breakthrough for companies following the reduction in crude oil theft and the three Presidential Executive Orders which opened the Nigerian oil and gas landscape.

Also, breakthroughs were recorded with the smooth divestment of major oil and gas assets including Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited, Equinor Nigeria Energy Company Limited to Project Odinmin Investments Limited, Nigerian Agip Oil Company Limited to Oando Petroleum and Natural Gas Company Limited and TotalEnergies EP Nigeria Limited to Telema Energies Nigeria Limited.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) approved the transactions while the Minister of Petroleum, President Bola Tinubu gave ministerial approval in line with the Petroleum Industry Act of 2021.

The books of listed oil and gas companies on the Nigerian Exchange Limited (NGX) including OANDO Plc, TotalEnergies Marketing Nigeria, Conoil Plc and MRS Oil Nigeria Plc revealed a good year for the industry players.

Analysis of their full-year performance shows that the companies witnessed revenue rise by N1.93tn or 50.03 per cent to N5.79tn compared to the N3.86tn revenue posted in 2023.

The oil companies also witnessed a surge in their net profit which rose to a combined N111.2bn, against the N87.1bn posted in 2023.

Their asset base also saw a significant surge, rising from a combined N527.4bn in 2023 to N755.8 in 2024, excluding the assets of OANDO Plc.

However, the companies were hit by foreign exchange losses resulting from the volatility of the naira.

TotalEnergies and MRS suffered combined N6.2bn in 2024 down from the N14.72 forex losses recorded in 2023.

OANDO was the biggest earner, accounting for 74 per cent of the total earnings posted by the oil giants in 2024.

The oil company grew revenue by 45 per cent to N4.1tn against the N2.9tn posted in 2023 following the acquisition
and subsequent integration of NAOC Ltd.

The acquisition led to a significantly enhanced production capacity, attaining peak production of 103,206 barrels per day and net entitlements of 45,000bpd.

It triggered a 9 per cent rise in profit after tax to N65.5bn.

“2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity,
attaining peak operated production of 103,206 boepd and net entitlements of 45,000 boepd,” the firm said.

TotalEnergies earned N1.04tn, accounting for 18.7 of the total revenue posted in 2025.

The company raised its revenue by 64 per cent from N635.95bn in 2023 to N1.04tn in 2024.

The oil firm also raised its profit by 115 per cent from N12.9bn to N27.82bn in 2024 following higher production and surge in international crude oil prices.

TotalEnergies’s assets saw a surge during the period from N375.11bn in December 2023 to N536.79bn in December 2024.

However, the company suffered a foreign exchange loss of N4.9bn in 2024 but the losses were down compared to the N11.5bn it loss in 2023.

Another big player, Conoil recorded a surge in its revenue from N201.38bn in 2023 to a record N323.12bn in 2024, signaling a major breakthrough for the firm.

Consequently, Conoil posted a 15.4 per surge in profit from N9.86bn to N113.57bn by December 2024.

There was also a growth in Conoil’s total assets which rose from N97.477bn in December 2023 to N113.57bn in 2024.

MRS posted N312.22bn revenue in 2024 up from the N182.3bn revenue it earned in 2023 amidst low oil production.

The company’s profit also surged from N4.05bn in 2023 to N6.5bn in 2024. Its assets also rose from N54.83bn to N103.4bn in December 2024.

However, it suffered a foreign exchange loss of N1.28bn, down from the N4.2bn forex loss recorded in 2023.

Despite Major Divestments, Four Oil Firms Record N5.79tn Revenue In 2024 is first published on The Whistler Newspaper