Oando Plc saw its revenue climb by 20 per cent to reach N2.1 trillion for the first half of 2026, which ended on June 30. This growth was fueled by enhanced crude oil production, streamlined operations, and effective cost management. The company, which shared these figures in its unaudited financial report in Lagos, also noted an eight per cent rise in post-tax profit to N68.6 billion and a 331 per cent jump in gross profit to N101 billion.
Daily production output increased by 16 per cent, reaching an average of 42,789 barrels of oil equivalent per day (boepd). This boost included a 19 per cent increase in crude oil, 14 per cent in gas, and 16 per cent in natural gas liquids. Oando credited these gains to the reactivation of 12 previously dormant wells and better equipment reliability, which rose to 92 per cent uptime across its OML 60-63 assets. Furthermore, production costs dropped by 18 per cent to 16.83 dollars per barrel.
Group CEO Wale Tinubu noted that this period signifies a major milestone following the integration of the company’s recent upstream acquisitions. He highlighted that the focus remains on operational efficiency, asset security, and aggressive drilling, including the completion of two new land wells. Looking ahead, Oando plans to reach a production target of 50,000 boepd this year and is pursuing a 1.5-billion-dollar fundraising initiative to further stabilize its balance sheet and support future growth.
