Oando Plc has announced its unaudited results for the nine months ended September 30, 2025, reflecting production growth and disciplined execution.
The Group delivered a Profit After Tax of N210 billion, a 164 per cent increase from N76 billion in the same period of 2024, a performance driven by stronger production volumes and operational efficiency.
The Group revenue declined by 20 per cent year-on-year to N2.5 trillion from N3.2 trillion in 2024, primarily due to reduced gasoline imports following the ramp-up of the Dangote Refinery, a development that has reshaped Nigeria’s refined-product market for good. Gross profit stood at N113 billion, representing a 42 per cent decline and reflecting shifts in market dynamics and the Group’s evolving segment mix.
Commenting on the results, Group Chief Executive, Oando PLC, Wale Tinubu, stated: “In the first nine months of 2025, we consolidated the gains achieved following our acquisition of NAOC’s assets last year. Our assumption of operatorship has been transformational, granting us the agility to act decisively and execute with precision in driving production growth and operational efficiency.”
He added that the Group achieved a 59 per cent year-on-year increase in crude oil and gas production, now averaging 38,121boepd, underscoring the impact of the NAOC acquisition and clear evidence of the beginning of the dawn of unlocking the tremendous value its reserves possess.
During the period, the company reported a surge in oil and gas output and continued operational gains, signalling strong momentum across its upstream operations for the nine months ended September 30, 2025.
To sustain its growth drive, Oando upsized its Reserve-Based Lending (RBL 2) facility to $375 million, strengthening its financial flexibility and supporting the accelerated development of its 1 billion barrels of oil equivalent (boe) upstream portfolio. The company also renegotiated key credit facilities on more favourable terms, extending repayment periods to free up liquidity and fund its ongoing drilling programme.
The indigenous energy giant said group production averaged 38,121 barrels of oil equivalent per day (boepd), up 59 per cent year-on-year, in line with its full-year guidance. The performance was driven by the consolidation of its Nigerian Agip Oil Company (NAOC) joint venture interest and improved asset uptime across its operated portfolio. Oando noted that the revamp of its NGL processing plant played a key role in the improved performance, delivering 82 per cent operational uptime and boosting recovery and reliability across production assets.
The company also completed the Obiafu-44 gas-condensate well, which was brought onstream in October, and advanced surface facility upgrades to minimise downtime and enhance flow efficiency.
