Aradel Holdings Plc says it raised oil production to 13,751 barrels per day in 2024, up by 41 per cent compared to the 9,739 barrels per day recorded in 2023.
In its Operational and Financial Performance Report for 2024, the company said gas production hit 32.4 million standard cubic feet (5,717 boepd), up by 21.9 per cent compared to 26.6 mmscfd (4,691 boepd) in 2023.
It was also disclosed that refined petroleum products sold in 2024 were up to 240.5 million litres, up by 14.5 per cent from 210.1 million mmlitres in the year before.
The average realised crude oil price exported was $82.3 per barrel instead of $80 per barrel in 2023. The average realised gas price per mscf was $1.7.
The Chief Executive of Aradel Holdings Plc, Adegbite Falade, said the company raised revenue by 162.8 per cent to N581.2bn.
“This remarkable growth was primarily driven by an increase in export crude oil revenue, which accounted for over 64 per cent of total revenue. The surge was supported by higher production levels, improved utilisation of the Trans Niger Pipeline, and additional value captured through the Alternative Crude Evacuation system,” Falade said.
The CEO explained that the firm completed the acquisition of the Olo and Olo West Marginal Fields from the TotalEnergies/NNPC Joint Venture and secured a 5.14 per cent equity stake in Chappal Energies Mauritius Limited, an energy investment company focused on deep-value and brownfield upstream opportunities across Africa.
He also reported the successful completion of Renaissance’s acquisition of Shell Petroleum Development Company of Nigeria, describing it as a landmark transaction that further strengthens Aradel’s asset base and enhances long-term value creation.
He said, “In line with our growth strategy, we successfully completed our Phase 1, four-well turnkey drilling campaign, delivering positive results. The commencement of Phase 2 drilling with Well 16 signals continued progress in Aradel’s development and production activities.
“To support this growth, we expanded our throughput capacity for evacuation channels, positioning Aradel to sustain strong production levels and operational efficiency.
“Our listing on the Nigerian Stock Exchange on October 14, 2024, further underscored our growth trajectory, improved share liquidity, and advanced our commitment to delivering long-term value to shareholders.”
The company noted that foreign exchange dynamics continued to impact the financial performance of the group.
While the average exchange rate in 2023 was N645.92 to a dollar, it rose to N1479.68 in 2024.
