Top NGX oil and gas companies by revenue in H1 2025 

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Listed oil and gas companies on the Nigerian Exchange (NGX) generated a total revenue of N4.9 trillion in the first half of 2025.

This represents a 33.45% increase from the same period in 2024, reflecting stronger sales across the sector and growing market demand.

Revenue, often called “the top line,” is the total money a company earns from selling goods and services before subtracting any costs or expenses.

A solid revenue stream is important because it gives companies the ability to cover costs and still generate profit. It also signals growth and resilience, which can attract investors even when operational challenges exist.

This report focuses on the oil and gas companies that generated the highest revenues in the first half of 2025, placing more emphasis on actual figures than on year-on-year performance.

Here are the top Nigerian oil and gas companies by revenue in H1 2025.

Japaul Gold & Ventures (N1.7 billion)

Japaul Gold & Ventures Plc ranked 7th with a turnover of N1.7 billion in H1 2025, a 40.75% increase from N1.21 billion in H1 2024.

• Offshore activities contributed the bulk of the revenue at N1.47 billion, compared to N657 million in the previous year.
• Dredging yielded N178.8 million, while quarrying activities brought in N51.9 million.

Performance improved following the company’s N26 billion sand mining deal with Gravitas Investment Limited in Q4 2024 to mine 3.5 million cubic meters of sand for the reclamation of Gracefield Island along Chevron Drive in Lekki.

Pre-tax profit for the first half of 2025 stood at N420.2 million, up 4.20%, despite higher sales costs of N578 million (up 53.96%) and administrative expenses of N749.9 million (up 62.88%).

Total current assets fell to N15.9 billion from N16.4 billion, while current liabilities rose 9.87% to N11.3 billion.

Conoil (N143.6 billion)

Conoil Plc placed 6th with revenue of N143.6 billion in H1 2025, a 20.45% decline from N180.5 billion in H1 2024.

• All of its revenue came from petroleum product sales.

The company managed to reduce sales costs from N163 billion in H1 2024 to N132.2 billion, though gross profit shrank to N11.3 billion from N17.5 billion.

Distribution expenses rose 19% to N2.2 billion, while finance costs surged 114.23% to N4.7 billion.

These weighed on the bottom line, pushing pre-tax profit down to N1.14 billion from N10.2 billion in H1 2024.

The balance sheet remained stable with total assets up 2.27% to N117.5 billion.

Retained earnings rose 2.55% to N36.2 billion, while total liabilities grew to N77.1 billion from N75.4 billion.

Eterna (N157.6 billion)

Eterna Plc came in 5th with revenue of N157.6 billion in H1 2025, a modest 6.87% increase from N147.5 billion in H1 2024.

• Fuel sales made up N133.4 billion, up from N128.4 billion.
• Lubricants followed with N23 billion, up 33.39%.
• Other revenues were N1.19 billion, down from N1.78 billion.

Cost of sales surged to N150.7 billion from N130 billion, shrinking gross profit to N6.9 billion from N17.4 billion.

However, the company recovered from a net foreign exchange loss of N14.4 billion in H1 2024 to record a modest gain of N13 million in H1 2025.

Finance costs were also cut from N2 billion to N782.7 million.

As a result, pre-tax profit stood at N1.5 billion, compared to a N3.5 billion loss the previous year.

• Total assets fell to N62.4 billion from N67.4 billion, while retained losses narrowed to N1 billion from N1.5 billion.
• More favorably, total liabilities declined to N57 billion from N62.5 billion.

In July 2025, shareholders approved a N50 billion capital raise to strengthen operations.

Aradel (N368.07 billion)

Aradel Holdings Plc ranked 4th with revenue of N368.07 billion in H1 2025, a 37.18% jump from N268.3 billion in H1 2024.

• Crude oil sales contributed N232.7 billion, up from N171.1 billion.
• Refined products brought in N116.4 billion, up 42.57%.
• Gas sales totalled N18.8 billion, up 21.74%.

Cost of sales nearly doubled to N204.9 billion from N106.8 billion, but gross profit still edged higher by 1.06% to N163.1 billion.

Pre-tax profit jumped 17.89% to N191.3 billion, despite general administrative expenses of N53.1 billion.

The company’s assets grew to N1.8 trillion from N1.7 trillion, while retained earnings increased 12.38% to N444.1 billion.

In 2024, Aradel acquired 100% stakes in the Olo and Olo West marginal fields from TotalEnergies EP Nigeria and NNPC for $19.5 million, a deal expected to boost future output.

TotalEnergies (N423.8 billion)

TotalEnergies Plc reported revenue of N423.8 billion in H1 2025, down from N529.9 billion in H1 2024.

• White products contributed N295.2 billion, down from N424 billion.
• Lubricants and other products earned N128.6 billion, down from N105.8 billion.

Cost of sales dropped to N375.4 billion from N465.5 billion, but gross profit still fell 24.76% to N48.4 billion.

Administrative expenses spiked 34.94% to N39 billion, reducing operating profit from N35 billion to N10.3 billion.

• This contributed to a pre-tax loss of N1.6 billion, compared to a N30.5 billion profit in H1 2024.

Total assets declined to N449.4 billion from N471.1 billion, while retained earnings dropped to N58.4 billion from N74.9 billion.

Oando (N1.72 trillion)

Oando Plc ranked 2nd with revenue of N1.72 trillion in H1 2025, down from N2.03 trillion in H1 2024.

• Supply and trading of crude, refined, and unrefined petroleum products made up N1.45 trillion.
• Exploration and production of oil and gas contributed N267.5 billion, with the rest from other activities.

Cost of sales fell alongside revenue to N1.6 trillion from N1.9 trillion, but gross profit still declined 28.05%.

Rising operating expenses pushed the company into a pre-tax loss of N145.7 billion.

Total assets rose to N6.7 trillion from N6.4 trillion, while liabilities increased to N7 trillion from N6.7 trillion.

In August 2024, Oando acquired the Nigerian Agip Oil Company (NOAC) from Eni for a total of US$783 million, aiming to expand its upstream operations.

Seplat (N2.16 trillion)

Seplat Energy Plc topped the list with revenue of N2.16 trillion in H1 2025, a 276.79% surge from N575 billion in H1 2024.

• Crude oil sales accounted for N2 trillion, up from N491.5 billion.
• Gas sales reached N146.6 billion, up from N83.5 billion.
• Natural gas sales totalled N15.3 billion.

Cost of sales climbed to N1.4 trillion from N327.5 billion, but gross profit still grew 203.55% to N751.2 billion.

Operating profit more than doubled, up 110.81%, despite administrative expenses of N209.4 billion and finance costs of N150.5 billion.

Hence, pre-tax profit rose 86.07% to N454.1 billion.

Total assets slightly declined to N9.3 trillion from N9.8 trillion, while retained earnings fell to N250.7 billion from N319 billion.

In December 2024, Seplat completed the acquisition of Mobil Producing Nigeria Unlimited in a deal valued at approximately $800 million. The acquisition is expected to boost production volumes.