Oando Plc has reported a strong financial performance for the 2025 financial year, recording a Profit After Tax of N204.8 billion and increasing its average daily oil production by 32 percent. The company announced the audited results for the year ending December 31, 2025, highlighting major improvements in production, revenue generation, and operational efficiency.
According to the company, 2025 was an important year as it marked the first full year of operations after acquiring the Nigerian Agip Oil Company (NAOC) Joint Venture assets. Oando said the focus during the year shifted from expanding through acquisitions to improving operations, increasing production, and strengthening its financial position.
Group Chief Executive, Wale Tinubu, described the year as a major milestone for the company. He explained that after successfully integrating the newly acquired assets, Oando concentrated on improving operational performance and getting more value from its expanded portfolio.
Tinubu said the company improved the condition of its facilities, strengthened security in its operating areas, and reduced production downtime. These efforts helped increase average daily production to 32,482 barrels of oil equivalent per day, with stronger output from crude oil, natural gas, and natural gas liquids.
Oando also recorded strong cash flow during the year. The company generated N258.3 billion from its operations and ended the year with N422.9 billion in cash and cash equivalents. This represents a 172 percent increase compared to the previous year. It also expanded its $375 million Reserve-Based Lending facility, giving the company greater financial flexibility for future investments.
Operational performance also improved across different business areas. Crude oil production increased by 36 percent, while gas production rose by 24 percent. Production of natural gas liquids recorded the biggest growth, rising by 715 percent after upgrades were made to gas processing facilities.
The company also completed the Obiafu-44 gas-condensate well, which became its first operated development well since taking over operatorship of the acquired assets. In addition, Oando maintained a strong safety record throughout the year by recording zero fatalities, zero Lost-Time Injuries, and a very low incident rate.
Its trading division also delivered positive results. Crude oil trading volumes increased by 24 percent to 25.7 million barrels. The company reduced its dependence on importing petrol and instead focused more on crude oil and gas trading, helping improve profitability despite changes in the local energy market.
Oando’s performance reflects a growing trend in Nigeria’s oil and gas industry, where indigenous companies are successfully managing assets previously owned by international oil firms. Other local energy companies, including Seplat Energy and Aradel Holdings, also recorded strong financial results in 2025, showing increased confidence in Nigeria’s indigenous operators.
Looking ahead, Oando expects even stronger performance in 2026. The company plans to increase production to between 40,000 and 50,000 barrels of oil equivalent per day through continued investment in its oil fields. It also plans to spend between $90 million and $100 million on development projects aimed at boosting production.
The trading division is expected to increase crude trading volumes to between 30 million and 35 million barrels. At the same time, Oando will continue investing in clean energy projects, including expanding its fleet of electric buses, growing its recycling business, and developing more gas-to-power projects.
With stronger finances, higher production, and a clear growth strategy, Oando believes it is well positioned to deliver long-term value for shareholders while strengthening its position as one of Africa’s leading integrated energy companies.
