Aradel posts fourfold jump in profit as oil output rises 41%
Aradel Holdings Plc, a Nigerian integrated energy company, has reported a profit after tax of N247.8 billion last year, up 361.1% compared to 2023.
The company saw its crude oil production increase by 41.2% to 13,751 barrels per day, while gas output rose 21.9% to 32.4 million standard cubic feet per day.
Its total equity almost doubled to N1.4 trillion from N704.6 billion primarily due to the retention of total comprehensive income over the period, according to its unaudited financial statements.
Adegbite Falade, its CEO, said: “We recorded increased topline and bottomline, driven by significantly higher hydrocarbon production, the successful re-entry of Well 2ST in the Omerelu Field, which resulted in the attainment of first oil on 31st May 2024 and increased sales volumes from our refinery operations.
“We successfully drilled Wells 14 and 15, marking the conclusion of our Phase 1, four-well turnkey drilling campaign with favourable results. We kicked off the second phase of the drilling campaign with Well 16, which is approaching completion. To support the anticipated production growth, we expanded the throughput capacity of our evacuation channels, positioning us to maintain strong output and efficiency levels throughout the year.”
He said the company completed the acquisition of the Olo and Olo West Marginal Fields from the TotalEnergies/NNPC Joint venture, and entered an agreement to acquire a minority equity interest in Chappal Energies Mauritius Limited.
“For 2025, our plan is to commence the development programmes for Olo and Olo West as well as the Omerelu Fields. These are in addition to optimising production from Ogbele, with a target annual production of 16,000 bpd and 50mmscfpd,” it said.
