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Aradel’s oil and gas business is booming. From January to September, it produced 144,700 barrels of oil equivalent per day, about six times last year’s level and above its own target, which it has now raised. Operating earnings (EBITDA) reached ₦2.1 trillion, a 53% margin. Each barrel cost just $7.9 to produce, and gas sales brought in ₦582 billion in the third quarter alone.
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