Lagos,Nigeria | 1 February 2026- Oando PLC(“Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange Ltd. and Johannesburg Stock Exchange, today announces its unaudited results for the full year ended 31 December 2025.
Commenting on the results, Wale Tinubu CON, Group Chief Executive, Oando PLC said:
“2025 was a year of relentless execution as we successfully transitioned from the integration of the NAOC Joint Venture into operational delivery.
Over the year under review,we reinforced asset integrity, strengthened security across our operating areas and materially improved uptime, delivering a 32% year-on-year increase in total production. Operated Joint Venture production averaged approximately 80,545 boepd, translating to 32,482 boepd net to Oando, alongside a 30% increase in crude oil liftings and a 59% increase in gas sales volumes.
Building on this foundation, we launched our development drilling programme with the successful completion and start-up of the Obiafu-44 gas-condensate well. This well represents the first execution milestone within a phased 36-well development programme, designed to restore field deliverability, unlock incremental production and advance the Group’s medium-term growth objectives.
In our downstream trading business, we responded decisively to evolving market dynamics by deliberatelyrebalancing our portfolio away from gasoline importation toward higher-margincrude and gas opportunities. We expanded global exports and leveraged structured offtake and pre-export financing arrangements to support liquidity, cash-flow resilience and effective production monetisation for our clients
With operational control firmly embedded and the foundations for growth clearly established, our focus is on the diligent execution of our development programme to accelerate production growth, strengthen cash generation and enhance long-term value creation.As we enter 2026, we will continue to allocate capital prudently, deepen operational resilience and build on the momentum achieved.”
Group highlights
The Group operates an integrated energy platform centred on upstream oil and gas production and trading, which together drive cash generation and balance sheet strength. These core businesses are supported by disciplined capital allocation, infrastructure optimisation, and structured financing capabilities.
During FY 2025, the Group transitioned from post-acquisition integration too perational execution, delivering improved production performance, stronger uptime, and enhanced commercial flexibility. With operatorship embedded and cash generation improving, capital is being prioritised toward sustaining and growing upstream production and optimising trading activities that support liquidity and production monetisation.
Selected energy transition and mining initiatives are being progressed on a phased and capital-disciplined basis and remain secondary to the Group’s near- and medium-term focus on strengthening core earnings, accelerating production growth, and enhancing financial resilience
Full-Year 2025 performance highlights
Group highlights
• Revenue declined 21% year-on-year to ₦3.21 trillion(FY 2024: ₦4.09 trillion), reflecting a deliberate reduction in lower-margin refined-product trading amid structural changes in the domestic downstream market, partly offset by higher upstream production volumes.
• Gross profit decreased 82%year-on-year to ₦27.8 billion (FY 2024: ₦155.9 billion), driven by the change in revenue mix following reduced trading volumes and the impact of non-cash items, notwithstanding materially higher upstream output.
• Profit after tax increased 10%year-on-year to ₦241.3 billion (FY 2024: ₦220.1 billion), supported by higher upstream production, impairment reversals, and favourable tax adjustments.
• Capital restructuring initiatives underway, with equity raise and debt conversions to be tabled at the upcoming AGM/EGM
• Capital expenditure increased to ₦101.9 billion (FY 2024: ₦18.5 billion), reflecting increased investment in upstream development, facility integrity, and infrastructure optimisation following the assumption of operatorship.
• Operating cash flow improved materially year-on-year, reflecting enhanced cash conversion, and improved working capital management.
Exploration and Production
• Group production averaged 32,482 boepd in FY 2025, up32% year-on-year, driven by the full-year consolidation of the NAOC JV interest and improved operational uptime.
• Crude oil, gas, and NGL output increased year-on-year, supported by asset optimisation initiatives and the successful revamp of the NGL processing plant.
• Completed the Obiafu-44gas-condensate well and progressed targeted facility debottlenecking to enhance flow assurance and production stability.
• Maintained strong safety performance, recording zero fatalities and zero lost-time injuries during the year.
• Advanced regional expansion,with award of operatorship and a 45% participating interest in Block KON-13,Angola (PSC in advanced approval stages).
Trading
• Traded 26 crude oil cargos(29.4 MMbbl) in FY 2025, up 42% year-on-year, reflecting stronger execution across core crude trading routes.
• Paused PMS trading activities in response to structural shifts in domestic supply dynamics, reallocating focus toward higher-margin crude and gas trading opportunities.
• Strengthened liquidity management through structured pre-financing and offtake arrangements,supporting working capital flexibility and cash-flow resilience.
• Selected as preferred bidder for the Guaracara Refinery (Trinidad & Tobago), providing strategic downstream optionality in the Caribbean market.
Portfolio Update
• Progressed selected clean energy and mining initiatives on a phased, capital-disciplined basis, with focus on electric mobility operations, regulatory positioning, and early-stage technical evaluation.
Startegic Priorities
• Sustain production and operational stability through continued asset optimisation.
• Maintain capital discipline with focus on asset integrity and operational resilience.
• Strengthen balance sheet and liquidity through disciplined capital allocation.
• Scale trading platform to support cash flow resilience and market access.
• Advance selected transition and mining initiatives on a phased, capital-disciplined basis.
Responsibility for publication
This announcement has been authorised for publication on behalf of Oando PLC by:
Adeola Ogunsemi
Group Chief Financial Officer
About Oando PLC
Oando PLC is Africa’s leading indigenous energy solutions provider listed on the Nigerian Exchange (NGX) and the Johannesburg Stock Exchange(JSE). Oando operates across the entire energy value chain, encompassing upstream exploration and production, trading and renewable energy initiatives.
Through its subsidiaries, Oando Energy Resources and Oando Trading, the Company holds interests in onshore and offshore oil and gas assets and maintains a significant presence in the global energy trading market. Oando is committed to driving Africa’s energy transition and delivering innovative, sustainable and value-driven solutions that meet the continent’s unique energy needs.
