Oando Reports N204.8bn Profit, 32% Production Increase

Oando PLC announced a profit after tax of N204.8 billion for the financial year ending December 31, 2025, reflecting a 32% increase in average daily production to 32,482 barrels of oil equivalent per day. This growth was attributed to the successful integration of assets from the Nigerian Agip Oil Company joint venture, which marked Oando's first full year of operations following the acquisition.

Wale Tinubu, Group Chief Executive of Oando PLC, noted that the results underscore a significant milestone in the company's evolution, emphasizing operational excellence and value realization across its expanded portfolio. The company achieved a cash flow of N258.3 billion and closed the year with N422.9 billion in cash and cash equivalents, a 172% increase from 2024.

Oando's upstream performance was bolstered by improved facility optimization and increased production across crude oil and gas, with natural gas liquids production surging by 715% due to infrastructure upgrades. The company maintained a strong safety record with zero fatalities and a total record incident rate of 0.05.