Investors on the Nigerian Exchange (NGX) with an interest in the upstream oil sector are limited by available opportunities. Aradel Holdings, Oando Plc, and Seplat Energy are the only listed upstream oil players.

These companies are emerging as the cornerstone of Nigeria’s upstream oil sector, particularly with respect to onshore and shallow-water basins.

In 2024 alone, these companies produced over 25 million barrels of oil and generated a combined revenue of N6.35 trillion—a testament to their