Nigeria’s upstream oil and gas sector is undergoing a major transformation as indigenous companies assume a larger role in production, asset ownership and investment. 

Local operators have acquired more than $6 billion worth of assets divested by international oil majors and now account for about 60 per cent of the country’s crude production. 

Oando has strengthened its position following the acquisition of Eni’s former Nigerian Agip Oil Company onshore assets in an approximately $800 million deal, significantly expanding its Niger Delta footprint and production capacity.

 Seplat Energy, the country’s largest independent producer, is pursuing its 2030 growth strategy targeting 200,000 barrels of oil equivalent per day and more than one billion standard cubic feet of domestic gas production daily. 

The expansion follows its acquisition of ExxonMobil’s Nigerian subsidiary, while its Anoh gas processing plant achieved first gas in January 2026. 

Aradel Holdings also expanded its upstream business, reporting revenue of approximately N697.3 billion ($508 million) and a 55 per cent rise in 2025 profit. 

The company increased crude production to 14,100 barrels per day and achieved record gas output of about 83.8 million standard cubic feet per day.

 Aradel also joined Renaissance Africa Energy, which completed Shell’s $2.4 billion onshore acquisition. 

Heirs Energies continues expanding operations at OML 17, backed by a $750 million reserve-based lending facility arranged by African Export-Import Bank. 

The asset supplies gas for more than 350 MW of power generation, while Shoreline Energy International Group continues.