Oando Records N2.1 trillion Half-Year Revenue

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Oando Plc has recorded a 20 per cent increase in revenue to N2.1 trillion for the half-year ended June 30. The company attributed the improved performance to higher crude oil production, improved operational efficiency, and cost optimisation.

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The company's revenue growth of 20 per cent was driven by higher crude oil production, which rose by 19 per cent to 12,358 barrels per day. This increase, combined with improved operational efficiency and cost optimisation, resulted in Oando's revenue reaching N2.1 trillion for the half-year ended June 30.

The company's revenue growth was not limited to crude oil production. Oando's gas production also rose by 14 per cent to 28,497 barrels per day, and natural gas liquids production increased by 16 per cent to 1,935 barrels per day.

Oando's Group Chief Executive Officer, Wale Tinubu, said the company's performance reflected the successful integration of its expanded upstream portfolio. Tinubu attributed the improved performance to the successful drilling of new wells, restoration of 12 previously shut-in wells, and improved facility uptime across Oil Mining Leases (OMLs) 60 to 63.

Tinubu also disclosed plans to implement a fundraising and balance sheet restructuring programme to strengthen the company's financial position, improve liquidity, and accelerate growth. He reaffirmed Oando's full-year production guidance of between 40,000 and 50,000 barrels of oil equivalent per day.

The first half of 2026 marks an important inflection point in Oando’s journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio.

• Wale Tinubu

The company’s trading business also recorded a 2.1 per cent increase in trading volumes to 13.15 million barrels, supported by expanded crude oil marketing and offtake programmes, as well as increased sourcing from marginal field producers.

Oando's improved operational efficiency was reflected in the company's production operating costs, which declined by 18 per cent to 16.83 dollars per barrel of oil equivalent during the review period. The company’s average facility uptime improved to 92 per cent in the first half of 2026 from 85 per cent in the corresponding period of 2025.