Oando Plc has reported a profit after tax of N204.8 billion for the financial year ended December 31, 2025, supported by higher oil and gas production and the first full-year contribution from assets acquired under the Nigerian Agip Oil Company (NAOC) Joint Venture transaction.
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The company disclosed in its audited financial results that average daily production rose by 32 per cent to 32,482 barrels of oil equivalent per day (boepd), marking its first full year of operational execution since completing the acquisition of the NAOC Joint Venture assets.
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According to the company, the results marked a shift from acquisition-led growth to operational execution and balance-sheet optimisation following the integration of the acquired assets.
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Oando generated N258.3 billion in cash from operations during the period and closed the year with N422.9 billion in cash and cash equivalents, representing a 172 per cent increase from the 2024 level.
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The company said it also strengthened its liquidity position through the expansion of its $375 million Reserve-Based Lending facility.
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Operational performance showed growth across its upstream business. Crude oil production increased by 36 per cent, gas production rose by 24 per cent, while Natural Gas Liquids (NGL) production surged by 715 per cent following upgrades to gas processing infrastructure.
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Group Chief Executive of Oando Plc, Wale Tinubu, said the company spent the year consolidating operations following the integration of the acquired assets.
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According to him, efforts were focused on strengthening asset integrity, enhancing security across operating areas and improving facility uptime.
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“FY2025 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,” he said.
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Tinubu added that, having completed the integration phase, the company’s focus had shifted to operatorship, operational excellence and value realisation across its enlarged portfolio.
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He said stronger output across crude oil, gas and NGL operations, together with improved operational reliability, contributed to the year’s performance.
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The company attributed the increase in upstream output to improved facility uptime, enhanced flow assurance, restoration of previously shut-in wells and targeted infrastructure upgrades across its operated assets.
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It also completed and brought onstream the Obiafu-44 gas-condensate well, which it described as its first operated development well since assuming operatorship of the acquired assets.
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In the trading segment, Oando said it continued to adjust its portfolio in response to changing domestic market conditions by reducing exposure to premium motor spirit (PMS) imports while increasing participation in crude and gas trading activities.
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The results come as indigenous energy companies continue to expand their presence in Nigeria’s upstream sector through the acquisition of assets divested by international oil companies.
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In FY2025, Seplat Energy reported revenue of $2.726 billion and average production of 131,506 boepd, reflecting the first full-year contribution from assets acquired from Mobil Producing Nigeria Unlimited. Aradel Holdings also reported revenue growth supported by increased interest in upstream assets.