Nigeria’s three largest indigenous oil and gas companies, Seplat Energy Plc, Oando Plc, and Aradel Holdings Plc, delivered a combined crude oil output of 126,314 barrels per day in the first half of 2025, marking a significant year-on-year increase. On a barrels-of-oil-equivalent basis, production reached 194,288 boepd, underpinned by new asset acquisitions, restored wells, improved evacuation reliability, and tighter operational discipline. The performance reflects a wider upstream recovery, aided by enhanced pipeline security and infrastructure uptime, as the government pursues its target of raising daily crude production to 3 million barrels from the current ~1.78 million bpd.
Seplat Energy invested US$96.5 million in capital expenditure during the period, focusing on drilling, well completions, and the Sapele Integrated Gas Plant. Oando allocated an estimated US$250–270 million towards upstream asset integration, infrastructure upgrades, and ESG projects following its NAOC acquisition. Aradel Holdings maintained disciplined capital deployment at ₦48.1 billion, prioritising optimisation of existing assets. Across the three firms, funding strategies balanced growth investments with operational efficiencies, while securing stable production through infrastructure and security enhancements.
The robust H1 2025 performance positions the three companies for continued growth in the second half of the year, with additional drilling and further integration of newly acquired assets set to sustain output momentum. Seplat’s restored well capacity, Oando’s enhanced pipeline access, and Aradel’s expanded refined product sales all point to stronger revenue potential. However, sustaining the rebound will depend on global oil price stability, consistent regulatory execution, and continued success in curbing crude theft. If current conditions hold, Nigeria’s indigenous producers could play a pivotal role in driving the country’s oil output closer to budget targets while improving sector resilience and investor confidence.
