Oando Generates N204bn Profit, Uplift Across Production, Trading Volumes in FY2025

Oando PLC Africa’s leading indigenous energy solutions provider, listed on the Nigerian Exchange Ltd. (NGX) and Johannesburg Stock Exchange (JSE), announced its audited results for the financial year ended 31 December 2025, delivering a 32% increase in average daily production to 32,482 barrels of oil equivalent per day (boepd) and Profit After Tax of N204.8 billion. FY2025 marked a transition year for the Group, with the first full year contribution from the Nigerian Agip Oil Company (NAOC) Joint Venture assets and a shift from acquisition-led growth to operational execution and balance sheet optimisation.

Supporting this performance, the Group generated N258.3 billion in cash from operations and closed the year with N422.9 billion in cash and cash equivalents, up 172% from 2024, while strengthening financial flexibility through the upsizing of its US$375 million Reserve-Based Lending (RBL2) facility.

Operationally, crude trading volumes increased by 24% to 25.7 million barrels, crude oil production rose by 36%, gas production increased by 24%, and Natural Gas Liquids (NGL) production surged by 715% following upgrades to gas processing infrastructure.

The Company also successfully completed and brought onstream the Obiafu-44 gas condensate well, its first operated development well following the assumption of operatorship, while maintaining zero fatalities, zero LostTime Injuries (LTIs) and a Total Recordable Incident Rate (TRIR) of 0.05.

Commenting on the results, Group Chief Executive, Oando PLC, Wale Tinubu CON, said: “FY 2025 marked our first full year of operational execution following the acquisition of the NAOC Joint Venture assets and represents an important milestone in Oando’s evolution.

Having successfully completed the integration phase, our focus shifted to operatorship, operational excellence, and value realisation across the enlarged portfolio.

During the year, we strengthened asset integrity, enhanced security across our operating areas, and improved uptime, resulting in a 32% year-on-year increase in production to 32,482 boepd net to Oando.

This performance was driven by stronger output across crude oil, gas, and NGLs, improved operational reliability, and the successful stabilisation of our expanded asset base.”

The Group’s upstream performance was driven by improved facility uptime, enhanced flow assurance, the restoration of previously shut-in wells and targeted infrastructure upgrades across its operated assets.

In addition to higher crude oil and gas production, the successful revamp of the NGL processing plant increased recovery efficiency and drove a 715% increase in NGL production.