Nigeria’s three biggest indigenous oil and gas producers Seplat Energy Plc, Oando Plc, and Aradel Holdings Plc pumped a combined 126,314 barrels of crude oil per day in the first half of 2025, a sharp year-on-year increase despite weaker crude prices.
On a barrels-of-oil-equivalent basis, output reached 194,288 boepd, powered by fresh asset acquisitions, improved infrastructure uptime, and tighter operational discipline.
The gains reflect a broader upstream rebound supported by better pipeline reliability and stepped-up security operations, as Nigeria targets raising daily oil production to 3 million barrels from its current ~1.78 million bpd.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, told delegates at an energy conference in July that the boost in production largely enabled by enhanced security is part of the federal government’s push to add 1 million bpd to national output.
Latest company filings now confirm this recovery momentum, with management across the three firms highlighting volume gains from asset integration, well restoration, and evacuation reliability.
Seplat leads on volume and growth
Seplat Energy delivered the largest jump, averaging 134,492 boepd, with 100,327 bopd from crude.
That’s a 178% rise from H1 2024’s 48,407 boepd and above the midpoint of its 2025 guidance range (120–140 kboepd).
“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
Growth was driven by restored capacity from 29 idle wells (adding c. 25,900 bpd) and improved uptime on offshore assets contributing 79,660 boepd. Onshore output rose 13% to 54,831 boepd (liquids +7%, gas +24%).
Seplat spent US$96.5 million in capex during the period, focusing on well completions, early-year drilling, and construction of the Sapele Integrated Gas Plant. Revenue surged 231% y/y to US$1.4 billion, though net profit fell 45% to US$27.4 million on higher taxes and operating costs.
Seplat share price closed at N5,450 and is up 3.9% YtD.
Oando boosts output after asset integration
Oando Plc recorded average crude output of 10,479 bopd up 77% from H1 2024 within total group production of 37,012 boepd (+63%).
Gains were driven by the consolidation of NAOC assets, improved utilisation of the Trans Niger Pipeline (TNP), and an increase in crude liftings from 10 to 14 cargoes.
“In H1 2025, we advanced our growth agenda in our upstream division, the primary driver of the Group’s performance, by achieving a 63% year-on-year increase in production volumes. This was driven by the successful consolidation of NAOC’s assets, early gains from our optimization programme and our assumption of operatorship, which enabled us implement holistic security measures amid improved community relations, 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, directed at upstream integration, infrastructure upgrades, and ESG initiatives. Despite operational improvements, revenue fell 15% to N1.72 trillion (on lower trading volumes and weaker prices).
Net profit after tax edged up to N63.3 billion, supported by a N209 billion tax credit and strong finance income.
Oando share price closed at N53 per share and is up 58% in the last one year.
Aradel delivers steady gains with diversified output
Aradel Holdings averaged 15,508 bpd of crude in H1 2025 a 19.7% increase year-on-year alongside gas production of 41.2 mmscfd (~7,276 boepd).
It also sold 165.3 million litres of refined products, up 32.7% y/y.
“We recorded strong operational performance, driven by stable average production volumes. Revenue growth was driven by increased production levels, improved utilisation of the Trans Niger Pipeline (TNP), minimal crude losses and additional value from the Alternative Crude Evacuation (ACE) system, resulting in higher crude oil sales of 2.04 mbbls in H1 2025 (H1 2024: 1.46 mbbls), despite drop in realised crude oil price (exported) per barrel to $73.6 (H1 2024: $87.5).” — Adegbite Falade, MD/CEO, Aradel Holdings
Capex came in at N48.1 billion, slightly below H1 2024, reflecting disciplined spend while optimising existing assets. Revenue rose 37% to N368.1 billion, and net profit jumped 40% to N146.4 billion, buoyed by associate earnings and stable evacuation via TNP and ACE systems.
Aradel Shares closed at N520 and is down 1.5% YtD
Industry outlook
With additional drilling queued up, improving pipeline uptime, and further integration of recently acquired assets, indigenous producers look set to consolidate gains in H2 2025.
- The sustainability of the rebound will hinge on global crude price trends, local security conditions, and steady regulatory execution.
- Nigeria began 2025 with average daily crude production hovering between 1.6 million and 1.67 million barrels per day (bpd), a level well below the 2.06 million bpd benchmark set in the 2025 budget.
- However, sustained efforts particularly tighter enforcement measures against oil theft helped boost output over the months.
By mid-year, these initiatives paid off, with production climbing to new heights and hitting the 1.8 million bpd milestone in July.
