Who Led NGX Oil & Gas Revenue in H1 2025?

Nigeria’s listed oil and gas companies turned in a strong first half of 2025. Sector revenue on the Nigerian Exchange (NGX) climbed to about ₦4.9 trillion, a 33.45% year-on-year jump, driven by steadier upstream output, heavier trading volumes downstream, and a naira environment that lifted naira-denominated sales.

Beneath the headline, the story is about scale: Seplat Energy and Oando dominate the table, while TotalEnergies, Aradel, Eterna, Conoil, and Japaul fill distinct niches that will matter for margins and cash flow in the second half.

Seplat Energy — Scale Leader with Gas Leverage

Seplat tops the list on the back of upstream volumes and a gas business that increasingly acts as a stabiliser. Gas sales to power and industrial customers typically provide more predictable cash flows than spot crude, which helps fund maintenance and development.

The company’s long-term thesis is a portfolio tilted to gas and lower-unit-cost oil barrels; in H1 that translated into hefty naira revenue even as operating costs ticked up with FX.

Investors will watch project uptime, receivables from gas offtakers, and any progress on debottlenecking to convert top line into stronger free cash flow.

Oando — Trading Muscle and Integrated Supply

Oando’s ₦1.72 trillion puts it within striking distance of Seplat on pure sales. Its strength is breadth: large-scale trading and marketing, logistics capability, and the ability to pivot volumes quickly as pricing windows open or close.

That scale can compress unit margins but supports total revenue in volatile quarters. The H2 question is balance: can Oando convert volume leadership into cleaner working-capital cycles and stronger net margins as FX costs and financing rates fluctuate? Watch inventory turns, receivables days, and hedging discipline.

TotalEnergies Marketing Nigeria — Retail Depth and Brand Stickiness

At ₦423.8 billion, TotalEnergies underscores the value of a wide retail network, consistent product quality, and strong lubricants branding.

Retail fuels are a thin-margin, high-turn business; the edge comes from dependable supply, payment acceptance, and complementary offers (lubricants, car care, solar kits) that lift basket size.

In H2, card acceptance, POS uptime, and reduced station downtime will matter as much as sheer volume. The company’s multinational ties help with procurement and standards, which tend to support steady cash generation even when headline margins look tight.

Aradel Holdings — Upstream Balance and Operational Focus

Aradel’s ₦368.07 billion reflects a focused upstream profile with measured exposure to refining and midstream.

Maintaining asset availability, managing losses on evacuation routes, and unlocking incremental barrels at attractive costs. For H2, watch guidance on production reliability, progress on small-ticket debottlenecking, and the cadence of lifting schedules.

With a leaner structure than the majors, Aradel’s sensitivity to uptime is high, good quarters can translate into outsized cash swings.

Eterna — Mid-Pack Marketer Pushing Efficiency

Eterna’s ₦157.6 billion places it solidly mid-table. The strategy is classic downstream: disciplined sourcing, controlled operating costs, and a push into higher-margin lines like lubricants and B2B supply.

The naira’s path will colour H2 performance: a steadier FX curve reduces revaluation noise and helps Eterna plan inventory without overpaying for insurance stock.

Execution will hinge on tight working-capital management and smarter logistics to avoid demurrage and shrinkage.

Conoil — Legacy Brand, Cash Flow Sensitivity

Conoil’s ₦143.6 billion shows the durability of a long-standing retail network and commercial relationships. The company’s levers are product mix (premium fuels, lubes), disciplined station operations, and cost control in haulage.

Because Conoil tends to run a conservative balance sheet, swings in receivables and payables can quickly impact cash.

Investors should watch H2 disclosures on gross margin per litre, lube growth, and receivables ageing; these will tell you how much of the revenue converts to operating cash.

Japaul Gold & Ventures — Micro-Scale Oil & Gas Exposure

With ₦1.7 billion in revenue, Japaul is a minnow in this cohort. The company’s diversified model offers optionality, but at this scale, execution risk is amplified: any cost overrun or delayed payment can erase quarterly gains.

For H2, clarity on strategic focus, where management wants to place limited capital, will be more important than chasing headline growth.