Oando grows half year revenue to N2.1trn
Oando Plc Reports 20% Revenue Increase for First Half of 2026
LAGOS — Oando Plc has announced a 20% rise in revenue, totaling N2.1 trillion for the half-year period ending June 30, attributed to increased crude oil production, enhanced operational efficiency, and cost optimization.
The company disclosed its unaudited financial results on Tuesday. According to the report, profit after tax rose by 8% to N68.6 billion, while gross profit surged by 331% to N101 billion during the same period.
Average daily production increased by 16% to 42,789 barrels of oil equivalent per day (boepd), compared to 36,836 boepd in the corresponding period of 2025. This production growth was driven by a 19% increase in crude oil output, which reached 12,358 barrels per day; a 14% rise in gas production to 28,497 boepd; and a 16% increase in natural gas liquids production to 1,935 boepd.
Oando attributed its improved performance to the successful drilling of new wells, the restoration of 12 previously shut-in wells, and enhanced facility uptime across Oil Mining Leases (OMLs) 60 to 63. Facility uptime improved to 92% in the first half of 2026, up from 85% during the same period in 2025.
The company’s production operating costs also saw an 18% decrease, averaging $16.83 per barrel of oil equivalent.
In the trading sector, Oando experienced a 2.1% increase in volumes, reaching 13.15 million barrels, supported by expanded crude oil marketing and increased sourcing from marginal field producers.
Wale Tinubu, Group Chief Executive Officer of Oando Plc, highlighted that the company’s performance reflects a successful integration of its expanded upstream portfolio. He emphasized that operational efficiency has been a key factor in achieving these results, noting the strengthening of asset integrity and improvements in facility reliability.
“The first half of 2026 marks an important inflection point in Oando’s journey,” Tinubu stated. He mentioned that the company is on track to complete its seven-well drilling program across OMLs 60 to 63 and aims to achieve average production levels of approximately 50,000 boepd in 2026.
Tinubu also revealed plans for fundraising and balance sheet restructuring, which are intended to enhance Oando’s financial position and support growth initiatives. The company retains its full-year production guidance of between 40,000 and 50,000 boepd, along with plans to advance a multi-instrument capital-raising program worth $1.5 billion, while continuing to expand its clean energy efforts.
