Oando Plc has reported a Profit After Tax of ₦204.8 billion for the financial year ended 31 December 2025, driven by stronger oil and gas production, higher trading volumes and the first full-year contribution from the Nigerian Agip Oil Company (NAOC) Joint Venture assets.
The indigenous energy company, listed on the Nigerian Exchange (NGX) and the Johannesburg Stock Exchange (JSE), recorded a 32 per cent increase in average daily production to 32,482 barrels of oil equivalent per day (boepd), marking what it described as a transition from acquisition-led expansion to operational execution and balance sheet optimisation.
The company generated ₦258.3 billion in cash from operations during the year and ended 2025 with ₦422.9 billion in cash and cash equivalents, representing a 172 per cent increase over the previous year. It also strengthened its financial position through the expansion of its US$375 million Reserve-Based Lending (RBL2) facility.
Operational performance improved significantly across the business, with crude trading volumes rising by 24 per cent to 25.7 million barrels. Crude oil production increased by 36 per cent, gas production grew by 24 per cent, while Natural Gas Liquids (NGL) production surged by 715 per cent following upgrades to gas processing infrastructure.
The company also completed and brought on stream the Obiafu-44 gas-condensate well, its first operated development well since assuming operatorship. During the period, Oando maintained zero fatalities, zero Lost-Time Injuries (LTIs) and recorded a Total Recordable Incident Rate (TRIR) of 0.05.
Commenting on the results, Group Chief Executive of Oando Plc, Wale Tinubu, CON, said "FY 2025 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. Having successfully completed the integration phase, our focus shifted to operatorship, operational excellence, and value realisation across the enlarged portfolio.
"During the year, we strengthened asset integrity, enhanced security across our operating areas, and improved uptime, resulting in a 32% year-on-year increase in production to 32,482 boepd net to Oando. This performance was driven by stronger output across crude oil, gas, and NGLs, improved operational reliability, and the successful stabilisation of our expanded asset base."
According to the company, its upstream performance was underpinned by improved facility uptime, enhanced flow assurance, the restoration of previously shut-in wells and targeted infrastructure upgrades across operated assets.
The successful refurbishment of its NGL processing plant boosted recovery efficiency, contributing to the sharp increase in NGL production, while the completion of the Obiafu-44 well highlighted its capacity to execute complex development projects safely following the transition to operatorship.
Oando's trading division also expanded crude trading volumes by 24 per cent to 25.7 million barrels, despite evolving domestic market conditions. The company said it continued to reduce exposure to premium motor spirit (PMS) imports while increasing participation in higher-margin crude oil and gas trading opportunities to strengthen commercial resilience and integration with its upstream operations.
The company's performance comes amid growing momentum among indigenous Nigerian energy firms acquiring and optimising assets divested by international oil companies.
In the same period, Seplat Energy reported revenue of US$2.726 billion (₦4.135 trillion) and average production of 131,506 boepd, supported by the first full-year contribution from its Mobil Producing Nigeria Unlimited (MPNU) acquisition. Aradel Holdings also recorded a 20 per cent increase in revenue to ₦699.4 billion, following its expanded interest in ND Western and Renaissance Africa Energy Company.
Oando said these developments highlight the increasing capacity of indigenous operators to unlock value from major upstream assets and strengthen Nigeria's energy sector.
Looking ahead, Tinubu said "With operational control firmly embedded, a strong reserves base, and improving financial flexibility, we are well-positioned to build on the momentum achieved in 2025 and enter 2026 from a position of strength. Our focus remains on executing our development programme, growing production, strengthening cash generation, prudent capital allocation, and delivering sustainable long-term value for our shareholders."
For 2026, Oando expects production to rise to between 40,000 and 50,000 boepd, supported by development activities across OMLs 60–63, continued production optimisation and planned capital expenditure of between US$90 million and US$100 million.
The company also projects crude trading volumes to increase to between 30 million and 35 million barrels, while advancing clean energy initiatives, including expanding its electric bus fleet and scaling up its recycling and gas-to-power projects.
Oando said its outlook aligns with broader global industry trends, with continued investment expected in natural gas and upstream infrastructure as countries prioritise energy security and diversify energy supplies. Backed by an expanded asset portfolio, improved financial flexibility and a disciplined execution strategy, the company said it remains focused on accelerating growth and creating long-term value across its integrated energy business.
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