Oando PLC Records 10% Rise in Profit to ₦241.3bn as Upstream Oil and Gas Production Jumps in 2025
Oando PLC has reported a 10 per cent increase in profit after tax to ₦241.3 billion for the year ended 31 December 2025, driven by robust growth in upstream oil and gas production, despite a decline in overall revenue.
In its unaudited full-year results, the indigenous energy company recorded a 32 per cent year-on-year increase in upstream production, averaging 32,482 barrels of oil equivalent per day (boepd).
Crude oil production rose by 36 per cent to 11,269 barrels per day, gas production increased by 24 per cent to 19,982 boepd, while natural gas liquids output surged by 715 per cent to 1,231 barrels per day.
Oando attributed the strong production performance to the full-year consolidation of its interest in the Nigerian Agip Oil Company (NAOC) Joint Venture, improved operational uptime from reactivated wells, and targeted infrastructure upgrades across its operated assets.
The growth in profit was further supported by higher upstream output, impairment reversals, and favourable tax adjustments. However, revenue declined by 21 per cent to ₦3.21 trillion, from ₦4.09 trillion in 2024, while gross profit fell sharply to ₦27.8 billion from ₦155.9 billion.
The decline reflected the Company’s strategic shift away from high-volume, low-margin refined product trading towards higher-margin crude oil and gas transactions.
Commenting on the results, Group Chief Executive Officer, Wale Tinubu, CON, said 2025 marked Oando’s transition from asset integration to full operational delivery following the NAOC Joint Venture acquisition.
He noted that improved asset integrity, enhanced security, and stronger operational uptime contributed to increased output, with operated Joint Venture production averaging approximately 80,545 boepd during the year.
As part of its upstream expansion, Oando launched a development drilling programme and successfully completed the Obiafu-44 gas-condensate well the first milestone in a planned 36-well campaign aimed at restoring field deliverability and unlocking additional production capacity.
In its trading segment, the Company recorded a 42 per cent increase in crude oil cargos traded, rising to 26 cargos totaling 29.4 million barrels.
Oando also temporarily suspended premium motor spirit trading in response to changes in Nigeria’s downstream market, a move it said would improve margin quality and enhance capital efficiency over the long term.
Looking ahead, Mr. Tinubu said the Company would focus on executing its development programme, strengthening cash generation, and delivering sustainable long-term value as it enters its next phase of growth.
