Oando Plc reported revenue of N3.21tn for the 2025 financial year, underpinned by a 32 per cent rise in upstream production, according to its unaudited results for the year ended December 31, 2025.
Average net production to Oando rose to 32,482 barrels of oil equivalent per day (boepd), driven by gains across crude oil, gas and natural gas liquids (NGLs). Crude oil output increased 36 per cent to 11,269 barrels per day (bopd), gas production climbed 24 per cent to 19,982 boepd, while NGL output surged 715 per cent to 1,231 bpd.
The company attributed the growth to the full-year consolidation of the NAOC Joint Venture interest, improved operational uptime from reactivated wells, and targeted infrastructure upgrades across its assets.
In its trading segment, Oando recorded a 42 per cent increase in crude cargoes traded, rising to 26 cargoes (29.4 million barrels) in 2025 from 21 cargoes (20.7 million barrels) in 2024.
Despite the production gains, revenue declined 21 per cent from N4.09tn in 2024, while gross profit fell 82 per cent to N27.8bn from N155.9bn a year earlier. The company said the drop reflected a deliberate shift away from high-turnover, lower-margin refined product trading towards higher-margin crude and gas opportunities, as well as the impact of non-cash adjustments.
Commenting on the results, Group Chief Executive, Wale Tinubu, said 2025 marked a transition from asset integration to operational delivery following the NAOC JV consolidation.
“Over the year, we reinforced asset integrity, strengthened security across our operating areas, and materially improved uptime, delivering a 32 per cent year-on-year increase in production,” he said.
He noted that operated Joint Venture production averaged 80,545 boepd, translating to 32,482 boepd net to Oando, alongside a 30 per cent increase in crude oil liftings and a 59 per cent rise in gas sales volumes.
Tinubu also highlighted the commencement of the company’s development drilling programme with the completion of the Obiafu-44 gas-condensate well, the first milestone in a planned 36-well programme aimed at restoring field deliverability and unlocking additional output.
In the downstream trading business, the company scaled back petrol importation in favour of crude and gas trading, expanded exports, and utilised structured offtake and pre-export financing arrangements to strengthen liquidity and cash flow.
Capital expenditure rose significantly during the year as Oando invested more in upstream development, facility integrity and infrastructure optimisation to support long-term production growth.
As part of its cost efficiency drive, the company said it achieved $17.7m in savings through contract optimisation across key operating inputs. Retained earnings also returned to positive territory due to non-cash intra-group balance sheet adjustments linked to ongoing capital restructuring.
Tinubu said the company would focus on disciplined execution of its development programme in 2026 to accelerate production growth and strengthen cash generation.
“With operational control firmly embedded and the foundations for growth established, our focus is on prudent capital allocation, operational resilience and long-term value creation,” he said.