Oando Reports N2.1tn Revenue in H1 2026, Profit Rises

Oando Plc announced a robust financial performance for the first half of 2026, with revenue increasing by 20% to N2.1 trillion, attributed to enhanced oil and gas production, operational efficiency, and reduced operating costs. The company reported an 8% rise in profit after tax to N68.6 billion and a remarkable 331% surge in gross profit to N101 billion, based on unaudited results for the six months ending June 30, 2026.

Average daily production rose 16% year-on-year to 42,789 barrels of oil equivalent per day (boepd), driven by a 19% increase in crude oil output and a 14% rise in gas production. Wale Tinubu, Group Chief Executive, stated that the period marked a significant milestone in the company's transformation following a major upstream acquisition.

Oando generated N179.5 billion in operating cash flow, supporting ongoing investments and plans to achieve an average production of approximately 50,000 boepd in 2026, with a strategy to develop 62 additional wells and undertake 55 well interventions to reach about 100,000 boepd in the medium term.