Lagos, Nigeria | 03 July 2026 - Oando PLC (“Oando” or the “Group”), Africa’s leading indigenous energy group listed on both the Nigerian Exchange Ltd. (NGX) and the Johannesburg Stock Exchange (JSE), today announces its audited results for the full year ended 31 December 2025.
Operational Excellence and Value Realisation underpin performance and future growth
- A transition year marked by the first full-year contribution from NAOC JV assets and a shift from acquisition-led growth to operational execution and balance sheet optimisation
- Strong production performance from upstream operations, delivering:
- Average production of 32,482 boepd (+32% YoY)
- Improved uptime and operational reliability across core assets
- Maintained a strong safety performance with zero fatalities, zero lost-time injuries and a Total Recordable Incident Rate (TRIR) of 0.05
- 2P reserves of 928 MMboe (2024: 950 MMboe), providing long-term production visibility
- Trading volumes of 25.7 MMbbl (+24% YoY), reflecting portfolio repositioning towards higher-margin opportunities
- Revenue of ₦3.2 trillion (2024: ₦4.1 trillion), reflecting trading optimisation and exit from low-margin PMS activities
- Profit after tax of ₦204.8 billion, supported by impairment reversals and tax credits
- Cash generated from operations of ₦258.3 billion, reflecting stronger operational cash conversion and improved working capital management
- Cash and cash equivalents increased to ₦422.9 billion, supported by improved cash generation and disciplined working capital management
- Capex of ₦135.0 billion in FY 2025, focused on high-impact upstream activity
- Expanded the RBL2 reserve-based lending facility to US$375 million, led by Afrexim Bank, strengthening liquidity and funding capacity for future upstream growth.
- Advanced capital structure optimisation initiatives to strengthen liquidity and enhance balance sheet flexibility
- Continued progress on energy transition initiatives, including expansion of electric mobility and advancement of recycling and gas-to-power opportunities
Commenting on the results, Wale Tinubu CON, Group Chief Executive, Oando PLC, said:
“FY 2025 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. Having successfully completed the integration phase, our focus shifted to operatorship, operational excellence, and value realisation across the enlarged portfolio.
During the year, we strengthened asset integrity, enhanced security across our operating areas, and improved uptime, resulting in a 32% year-on-year increase in production to 32,482 boepd net to Oando. This performance was driven by stronger output across crude oil, gas, and NGLs, improved operational reliability, and the successful stabilisation of our expanded asset base.
A key highlight of the year was the successful completion and start-up of the Obiafu-44 gas-condensate well, our first operated development well following the assumption of operatorship. This achievement demonstrates that indigenous operators can safely, efficiently, and responsibly execute complex development programs at scale while creating long-term value from strategic national assets. We also continued to advance our broader development programme and asset optimisation initiatives designed to unlock additional value from our portfolio.
In our trading business, we responded proactively to evolving market dynamics by deliberately repositioning the portfolio away from lower-margin gasoline importation and towards higher-margin crude and gas opportunities. This strategic shift, combined with structured offtake and financing arrangements, strengthened liquidity, improved cash generation, and enhanced the business's resilience.
Beyond operational delivery, we continued to strengthen the Group’s financial position through disciplined capital allocation, improved working capital management, and targeted balance sheet optimisation initiatives. These efforts contributed to operating cash flow generation of ₦258.3 billion during the year and supported a strong closing cash position of ₦422.9 billion, enhancing the Group’s financial flexibility and capacity to fund future growth.
With operational control firmly embedded, a strong reserves base, and improving financial flexibility, we are well-positioned to build on the momentum achieved in 2025 and enter 2026 from a position of strength. Our focus remains on executing our development programme, growing production, strengthening cash generation, prudent capital allocation, and delivering sustainable long-term value for our shareholders."
Outlook
- Production guidance of 40,000–50,000 boepd, comprising 12,000–15,000 bopd (oil) and 160–200 MMscfd (gas)
- Development programme: 7 wells in OMLs 60–63
- Planned capex of approximately $90–100 million, focused on high-impact, short-cycle upstream activities
- Crude trading volumes expected at 30–35 MMbbls, reflecting continued portfolio optimisation
- Expansion of clean energy initiatives, including the deployment of 11 additional electric buses to the fleet
