Going by its unaudited results for the six months ended June 30, 2025, Oando Plc’s upstream business recorded improved production performance with a 63 per cent year-on-year growth, averaging 37,012 bpd in H1 2025.

The performance includes crude oil production that went up by 77 per cent to 10,479 bpd, gas volumes up 54 per cent to 25,399 bpd, and NGL production up 375 per cent to 1,135 bpd.

The company attributed this performance to the consolidation of the Nigerian Agip Oil Company Joint Venture (NAOC JV) interest and improved uptime across key assets.

The Group reported revenue of N1.72 trillion, representing a 15 per cent decline driven by lower trading activity and weaker realised prices, despite stronger upstream contributions. Gross Profit fell by 28 per cent to N59 billion, reflecting both a topline contraction and changing segment mix. Nevertheless, the company maintained a Profit-After-Tax of N63 billion, consistent with the result recorded in H1, 2024.

Following its recent acquisition of NAOC from Eni, the company has focused heavily on infrastructure upgrades, production optimisation, and integration of the NAOC asset base, leading to increased capital expenditure of N44 billion.

Additionally, Oando’s commitment to safety is demonstrated by achieving zero lost-time injuries (LTIs), recording 12.3 million LTI-free hours, underscoring its continued excellence in HSE performance.

The trading subsidiary increased its crude oil lifting to 14 cargoes (12.9 MMbbl) in H1 2025, compared to 10 cargoes (10.6 MMbbl) in H1 2024, reflecting improved offtake execution.