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Oando PLC has reported one of its strongest annual results to date, posting ₦204.8 billion in profit after tax and delivering a major uplift across production and trading volumes in its audited Full Year 2025 financial results. 

The Lagos-based energy company, listed on both the Nigerian Exchange Ltd. (NGX) and the Johannesburg Stock Exchange (JSE), said the year marked a decisive shift from acquisition-led expansion to full operational execution following the integration of the Nigerian Agip Oil Company Joint Venture assets.

Oando’s average daily production rose 32% to 32,482 barrels of oil equivalent per day (boepd), driven by stronger crude oil, gas and Natural Gas Liquids (NGL) output. The company credited improved facility uptime, the restoration of shut-in wells, enhanced flow assurance, and targeted infrastructure upgrades across its operated assets.

A standout milestone was the 715% surge in NGL production, following the revamp of its processing plant. The company also completed and brought onstream the Obiafu-44 gas-condensate well, its first operated development well following the assumption of operatorship, while maintaining zero fatalities, zero Lost-Time Injuries (LTIs) and a Total Recordable Incident Rate (TRIR) of 0.05.

Oando generated ₦258.3 billion in cash from operations and closed the year with ₦422.9 billion in cash and cash equivalents, up 172% from 2024. The company also increased financial flexibility by upsizing its $375 million Reserve-Based Lending (RBL2) facility.

Trading volumes rose sharply: crude oil trading volumes up 24% to 25.7 million barrels. Crude oil production rose by 36%; gas production increased by 24%, and NGL production grew by 715%.

The trading division reduced exposure to PMS imports and shifted toward higher-margin crude and gas opportunities, improving commercial resilience and integration with upstream operations.

Oando’s Group CEO, Wale Tinubu, said the performance represents a milestone in the company’s evolution. He stated that FY2025 marked Oando’s first full year of operational execution following its acquisition of the NAOC JV assets.

“Our focus shifted to operatorship, operational excellence, and value realisation across the enlarged portfolio. Improved uptime and stronger output across crude oil, gas and NGLs resulted in a 32% increase in production,” he said.

Tinubu added that Oando strengthened asset integrity, enhanced security across operating areas and stabilised its expanded asset base.

Oando’s results come amid a broader transformation in Nigeria’s upstream sector, where indigenous companies are increasingly acquiring and optimising assets divested by international oil majors.

Its statement on the 2025 results highlights peers: Seplat Energy ₦4.135 trillion ($2.726 billion) in revenue and 131,506 boepd, reflecting the first full-year contribution from its Mobil Producing Nigeria Unlimited (MPNU) acquisition. Aradel Holdings posted ₦699.4 billion in revenue, up 20%.

Together with Oando’s performance, these results signal a new era in which Nigerian operators are not only acquiring world-class assets but also unlocking long-term value from them.

Oando expects production to climb to 40,000–50,000 boepd in 2026, supported by a focused development programme across OMLs 60–63, continued production optimisation, planned $90–100 million capital expenditure, and trading volumes rising to 30–35 million barrels.

The company also plans to expand its clean energy initiatives, including electric buses, recycling projects, and gas-to-power developments.

It said these ambitions align with the International Energy Agency's projections for resilient global investment in natural gas and upstream infrastructure as countries prioritise energy security and diversify supply.

With an expanded upstream portfolio, improved financial flexibility, and a disciplined execution strategy, Oando says it is positioned to accelerate growth and advance its ambition of becoming Africa’s leading integrated energy company.