Nigeria’s oil and gas sector remains defined by asset-heavy balance sheets, reflecting the industry’s deep capital requirements and infrastructure investments.
A review of the half-year 2025 financials shows notable variations in asset composition, efficiency, and leverage among the top operators.
Behind every oil barrel produced or litre of petrol sold lies a web of massive assets (pipelines, rigs, refineries, and terminals).
An analysis of financial statements from leading listed oil and gas firms reveals significant differences in total assets and capital efficiency as of H1 2025.
Who holds the biggest balance sheet in Nigeria’s oil and gas sector, and what does it say about their performance? From upstream giants to downstream distributors.
Below are the top five listed oil and gas companies by their total assets.