Nigeria’s top three indigenous producers — Seplat Energy Plc, Oando Plc, and Aradel Holdings Plc — pumped a combined 126,314 barrels of crude per day in H1 2025, a sharp improvement from last year despite softer oil prices.
On a barrels-of-oil-equivalent basis, total output hit 194,288 boepd, supported by asset acquisitions, improved infrastructure uptime, and stronger operational discipline.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), enhanced security measures have been critical to the output boost, aligning with the government’s target to raise daily production from about 1.78 million bpd to 3 million bpd.
Seplat averaged 134,492 boepd, including 100,327 bopd of crude — a 178% jump from H1 2024. Gains came from restoring 29 idle wells and improving offshore uptime.
“The company delivered first-half production over 10% higher than the pro-forma output in the same period last year, delivering on both our ambitions and supporting Nigeria’s goals of oil and gas production growth.” — Roger Brown, CEO, Seplat Energy.
H1 capex stood at US$96.5 million, and revenue rose 231% to US$1.4 billion, though net profit dropped 45% to US$27.4 million on higher costs and taxes.
Oando produced 10,479 bopd within total group output of 37,012 boepd, a 63% rise year-on-year.
“In H1 2025, we advanced our growth agenda in our upstream division… resulting in enhanced infrastructure reliability, higher production volumes, and greater operational resilience.” — Wale Tinubu, Group CEO, Oando.
Capex was estimated at US$250–270 million, while revenue dipped 15% to ₦1.72 trillion. Net profit rose to ₦63.3 billion due to a large tax credit and strong finance income.
Aradel averaged 15,508 bopd (+19.7% y/y) and 41.2 mmscfd of gas. Refined product sales reached 165.3 million litres (+32.7%).
“We recorded strong operational performance, driven by stable average production volumes… resulting in higher crude oil sales of 2.04 mbbls in H1 2025 (H1 2024: 1.46 mbbls), despite a drop in realised crude oil price (exported) per barrel to $73.6 (H1 2024: $87.5).” — Adegbite Falade, MD/CEO, Aradel Holdings.
Capex came to ₦48.1 billion, with revenue up 37% to ₦368.1 billion and net profit up 40% to ₦146.4 billion.
Industry observers say the rebound’s durability depends on oil prices, security stability, and consistent regulation.
