Aradel’s Oil Output Surges 523% to 139.5 Kboepd in H1
Peter Uzoho Aradel Holdings Plc has delivered a significant first half in 2026, with group production rising 523 per cent to an average of 139,500 barrels of oil equivalent per
Aradel Holdings Plc witnessed an impressive 523% increase in production during the first half of 2026, reaching an average of 139,500 barrels of oil equivalent per day (kboepd). This surge in output was fueled by strategic acquisitions and enhanced asset performance, resulting in a remarkable 577% rise in gross revenue to N2.49 trillion.
Operating cash flow hit a record high, contributing to a 70% reduction in net debt. Aradel's chief financial officer, Adegbola Adesina, noted in the unaudited results for the period ending June 30, 2026, that their expanded portfolio is driving scale, profitability, and improved cash generation.
The company's daily crude oil output expanded by 258% to 55.6 kbopd from 15.5 kbopd in the same period last year. Gas production experienced an even more significant boost, climbing 1,121% to 503.2 million standard cubic feet per day (mmscf/d) from 41.2 mmscf/d, thanks to improved pipeline availability and steady customer take rates. Total working-interest production for the half amounted to 25.2 million barrels of oil equivalent (mmboe), a substantial jump from the smaller base in the previous year.
Araadel credited the rapid growth to the successful integration of assets acquired in 2025 and the implementation of operational initiatives that minimized downtime in key fields. The company also profited from a more favorable price environment, with an average realized price of $90.4 per barrel for crude oil and $2.08 per mmscf for gas during the six-month period. Gross revenue surged to N2,491.5 billion from N368.1 billion in the first half of 2025, while gross profit leapt 782% to N1.44 trillion.
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