Lagos | August 13, 2025 — Nigeria’s three largest indigenous E&P players, Seplat Energy Plc, Oando Plc, and Aradel Holdings Plc, delivered a decisive production surge in the first half of 2025, underscoring a broader recovery in the country’s upstream sector.
- Combined crude oil output: 126,314 barrels per day (bpd)
- Combined total output (boepd): 194,288 boepd (oil + gas + NGLs)
What’s driving the rebound
1) Fresh assets and field reactivation.
Seplat’s offshore consolidation (renamed Seplat Energy Producing Nigeria Unlimited – SEPNU) and an aggressive idle-well restoration programme boosted liquids and gas. Oando’s completed $783m acquisition of NAOC from Eni materially scaled its JV footprint and volumes.
2) Better export reliability and uptime.
Seplat reports 24-hour operations on the Trans Niger Pipeline (TNP) and around 90% uptime on AEP/TFP export routes key bottlenecks in recent years. Aradel’s steady OML 34 delivery added resilience on the gas side.
3) Security clampdown and operational discipline.
A stepped-up security campaign (OPDS Phase II), including armed drones and naval assets, underpins the recent nationwide output lift and underwrites producer confidence.
Why it matters for Nigeria
- National output momentum: Nigeria’s liquids averaged ~1.78 million bpd in July 2025, the best since late 2024 evidence that security and evacuation fixes are feeding through.
- Indigenous operators now central: Local firms are driving the new growth phase after a wave of IOC divestments Seplat, Oando and peers are taking larger roles across onshore and shallow water.
- Policy alignment: Abuja has repeatedly framed a path to higher national output; officials have flagged ambitions as high as 3 million bpd, with the security push a key lever. (Note: separate public targets also reference 2–2.1 mbpd nearer-term.)
Company snapshots (H1 2025)
Seplat Energy (H1 2025)
- 134,492 boepd average (↑178% YoY from 48,407 boepd), 100,327 bopd liquids.
- Offshore accounted for ~79,660 boepd; onshore ~54,831 boepd.
- Export routes: AEP/TFP ~90% uptime; TNP maintained 24-hour operations; 29 idle wells restored (~25.9 kbopd gross capacity).
- Average realised oil price: $72.58/bbl (vs $85.55/bbl in H1 2024), highlighting output growth despite softer prices.
Oando (H1 2025)
- 37,012 boepd (+63% YoY), including 10,479 bopd crude (↑77% YoY).
- Contribution uplift reflects consolidation of NAOC assets and field optimisation.
Aradel Holdings (H1 2025)
- 15,508 bopd crude; 41.2 mmscfd gas (~7,276 boepd) ⇒ 22,784 boepd total.
- Gas-led resilience at OML 34 supports earnings diversification.
Outlook: What to watch in H2 2025
- Evacuation reliability: Sustained high uptime on TNP, AEP and TFP will be pivotal to keep deferments low.
- Security enforcement: Continuity of the OPDS security campaign remains a swing factor for national volumes.
- Integration benefits: Further efficiency and production gains as Oando beds down NAOC assets; Seplat executes offshore work programmes.
- Price sensitivity: Producers delivered growth even as realised prices eased versus H1 2024; margins will track any Brent volatility into Q3–Q4. (Seplat: $72.58/bbl in H1 2025.)
Sources & methodology
- Seplat Energy Plc — H1 2025 Report: production 134,492 boepd, liquids 100,327 bpd; operational notes on TNP (24h) and AEP/TFP (~90% uptime); realised price.
- Oando Plc — H1 2025 release (MarketScreener digest): 37,012 boepd, 10,479 bopd; YoY growth. NAOC deal completion confirmed via Eni/Oando releases.
- Aradel Holdings Plc — H1 2025 Interim Report: 15,508 bopd, 41.2 mmscfd gas (7,276 boepd), total 22,784 boepd.
- Nigeria macro: ~1.78 mbpd liquids in July 2025 (NUPRC via Reuters); government’s 3 mbpd ambition and security campaign context.
Editor’s note: Combined figures are Interface Africa calculations from company filings. Where boe conversions are needed, a 5.8 mscf/boe factor is applied unless otherwise disclosed.
