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Oando Plc has recorded a 20 per cent increase in revenue to N2.1 trillion for the half-year ended June 30, driven by higher crude oil production, improved operational efficiency and cost optimisation.
The company disclosed this in its unaudited financial results released on Tuesday in Lagos.
It also reported an eight per cent increase in profit after tax to N68.6 billion, while gross profit surged by 331 per cent to N101 billion during the review period.
The company’s average daily production rose by 16 per cent to 42,789 barrels of oil equivalent per day (boepd), from 36,836 boepd recorded in the corresponding period of 2025.
Production growth comprised a 19 per cent increase in crude oil output to 12,358 barrels per day, a 14 per cent rise in gas production to 28,497 boepd and a 16 per cent increase in natural gas liquids production to 1,935 boepd.
Oando attributed the improved performance to the successful drilling of new wells, restoration of 12 previously shut-in wells and improved facility uptime across Oil Mining Leases (OMLs) 60 to 63.
The company said facility uptime improved to 92 per cent in the first half of 2026 from 85 per cent in the corresponding period of 2025.
It added that production operating costs declined by 18 per cent to 16.83 dollars per barrel of oil equivalent during the review period.
The company’s trading business also recorded a 2.1 per cent increase in trading volumes to 13.15 million barrels, supported by expanded crude oil marketing and offtake programmes, as well as increased sourcing from marginal field producers.
The Group Chief Executive Officer of Oando Plc, Mr Wale Tinubu, said the company’s performance reflected the successful integration of its expanded upstream portfolio.
“The first half of 2026 marks an important inflection point in Oando’s journey.
“Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio.
“The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation.
“Operational efficiency underpinned our performance as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92 per cent while reducing production operating costs by 18 per cent to 16.83 dollars per boe.
“Our development programme also gathered significant momentum as we successfully drilled and completed two land development wells, with another land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio.
“In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline.
“Together, these activities increased average production to 42,789 boepd, representing 16 per cent year-on-year growth.
“This translated into stronger financial performance, with revenue rising 20 per cent to N2.1 trillion, while the business generated N179.5 billion in operating cash, improving liquidity.
“Profit after tax also increased by eight per cent to N68.6 billion, reflecting the overall improvement in operating performance during the period.”
Tinubu said Oando remained on track to complete its seven-well drilling programme across OMLs 60 to 63 and achieve average production of about 50,000 boepd in 2026.
He said the company had identified 62 development wells and 55 planned well interventions to support its medium-term production target of about 100,000 boepd.
Tinubu also disclosed plans to implement a fundraising and balance sheet restructuring programme to strengthen the company’s financial position, improve liquidity and accelerate growth.
He reaffirmed Oando’s full-year production guidance of between 40,000 and 50,000 boepd.
Tinubu said the company would continue to advance its Rights Issue, a 1.5-billion-dollar multi-instrument capital-raising programme, alongside the expansion of its clean energy initiatives. (NAN)