The first quarter of 2025 marked a standout period for Nigeria’s exploration and production (E&P) companies. Crude oil output rose by 8.1 percent year-on-year to 1.67 million barrels per day, up from 1.54 million bpd in Q1 2024, reflecting improved operational stability and upstream activity.
Nigeria’s active rig count climbed to 38 during the period, its highest in recent years, underscoring the renewed momentum in the sector. With international oil majors such as Mobil, Shell, and Agip having exited the onshore landscape in 2024, indigenous E&P firms have firmly taken the lead. While oil prices trended lower in the quarter, higher production volumes among listed players helped cushion the impact.
Seplat Energy Plc has emerged as the country’s largest onshore E&P operator following its acquisition of Mobil Producing Nigeria Unlimited (MPNU). Aradel Holdings has also solidified its presence, with its influence bolstered by a strategic stake in Renaissance Energy, the consortium that acquired Shell’s onshore assets.