Nigeria’s Oando Posts 204.8 Billion Naira Profit as Output Rises 32%

Nigeria’s Oando Plc reported a profit after tax of 204.8 billion Nigerian naira for the financial year ended December 31, 2025, as increased oil and gas production following its acquisition of Nigerian Agip Oil Company (NAOC) joint venture assets strengthened the company’s performance.

Average daily production rose 32 percent year-on-year to 32,482 barrels of oil equivalent per day (boepd), marking the first full-year contribution from the acquired assets.

The company generated 258.3 billion Nigerian naira in cash from operations during the year, while cash and cash equivalents increased 172 percent to 422.9 billion Nigerian naira.

Operational gains were recorded across its upstream and trading businesses. Crude oil production increased 36 percent, gas output rose 24 percent, and natural gas liquids production jumped 715 percent following upgrades to gas processing infrastructure.

The company also completed and commissioned the Obiafu-44 gas-condensate well, its first operated development well after assuming operatorship of the NAOC joint venture assets.

Oando reported zero fatalities, zero lost-time injuries and a total recordable incident rate of 0.05 during the year.

“FY2025 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,” Wale Tinubu, group chief executive of Oando, said.

For 2026, Oando expects average production to increase to between 40,000 and 50,000 boepd, supported by a development programme across oil mining leases 60 to 63.

The company also expects crude trading volumes to rise to between 30 million and 35 million barrels while continuing investments in electric buses, recycling initiatives and gas-to-power projects.

Source: FSX Business News