Oando Plc Cuts Production Costs to $15.39 per Barrel

Oando Plc (NGX: OANDO) announced a reduction in its production operating costs by 22% to $15.39 per barrel of oil equivalent for the nine months ending September 2026, down from $19.67 in the same period of 2025. The company achieved an average daily production increase of 14%, reaching 42,985 barrels of oil equivalent per day.

This improvement was attributed to optimizations in transportation, logistics, services, and information technology, alongside increased production within a largely fixed cost base. Facility uptime improved to 96.1% from 85% in the previous year.

Wale Tinubu, Group Chief Executive of Oando, stated that the company's investment drive and operational execution enhanced efficiency and reliability. Crude oil output rose by 12% to 12,193 barrels per day, while gas production increased by 13% to 28,689 barrels of oil equivalent per day.

Overall, revenue grew by 9% to N2.78 trillion, and gross profit surged by 483% to N174.5 billion. Oando also reversed its operating loss from the previous year, reporting an operating profit of N159.7 billion.