Lagos, Nigeria | 31 July 2025- 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 six months ended 30 June 2025.
Commenting on the results, Wale Tinubu CON, Group Chief Executive, Oando PLC said:
“In H1 2025, we advanced our growth agenda in our upstream division, the primary driver of the Group’s performance, by achieving a 63% year-on-year increase in production volumes. This was driven by the successful consolidation of NAOC’s assets, early gains from our optimization programme and our assumption of operatorship, which enabled us implement holistic security measures amid improved community relations, resulting in enhanced infrastructure reliability, higher production volumes, and greater operational resilience.
Our trading segment faced headwinds which exerted pressure on the entity’s revenue and the Group’s topline as a result of declining PMS imports into the country due to rising local refining capacity from the Dangote Refinery, a positive development that enhances Nigeria's energy security and self-sufficiency. In response, we diversified our crude offtake sources, optimized trade flows, and expanded into LNG and metals. These initiatives are already gaining traction and will support stronger performance in H2.
Oando Clean energy also advanced its e-vehicles, PET recycling and solar module assembly projects, initiatives critical to our long-term diversification goals and broader commitment to environmental sustainability.
As we enter the second half of the year, our priorities are clear: accelerate upstream monetization through drilling and production assurance, strengthen trading performance, and execute our capital restructuring initiatives to restore balance sheet flexibility. With a focused strategy and a clear execution roadmap, we remain committed to delivering sustained value to our shareholders
Six-months 2025 performance highlights
Group highlights
• Revenue declined by 15% year-on-year to ₦1,721 billion (H1 2024: ₦2,031 billion), reflecting lower trading activity and weaker realised prices, despite stronger upstream contributions..
• Gross profit decreased by 28% to ₦59 billion (H1 2024: ₦82 billion), in line with the topline contraction and changing segment mix.
• Capital expenditure rose to ₦44 billion (H1 2024: ₦18 billion), driven by infrastructure upgrades, production optimisation, and integration of the NAOC asset base.
• Capital restructuring initiatives underway, with equity raise and debt conversions to be tabled at the upcoming AGM/EGM
• All regulatory approvals have been received for the distribution process; the first tranche is expected to be completed on or before August 8, 2025.
• Ms. Ayotola Jagun appointed Executive Director effective May 20, 2025; to be ratified at the 2025 AGM.
Exploration and Production
• Group production averaged 37,012 boepd in H1 2025, up 63% year-on-year and within guidance, supported by the consolidation of the NAOC JV interest and improved uptime across key assets.
• Increased crude output and higher NGL volumes, following the successful revamp of the NGL processing plant, also contributed to the uplift.
• Completed three rig-less interventions and advanced debottlenecking of surface facilities to enhance flow assurance and minimise downtime.
• Recorded zero lost-time injuries (LTIs) and 13.6 million LTI-free hours.
• Awarded operatorship of Block KON 13 in Angola, marking a strategic entry into the Kwanza Basin and expanding Oando’s African upstream footprint.
• Upsized the RBL 2 facility to $375 million, enhancing financial flexibility to accelerate development of the Group’s expanded 1 billion boe upstream portfolio.
Trading
• Traded 14 crude oil cargos (12.9 MMbbl) in H1 2025, up from 10 cargos (10.6 MMbbl) in H1 2024, driven by stronger offtake execution.
• No PMS cargos traded in H1 2025 (H1 2024: 7 cargos), reflecting reduced market demand following subsidy removal and increased local refinery supply.
• Higher crude volumes helped offset the decline in PMS activity, with new pre-financing structures progressing to support future growth.
• Selected as preferred bidder for the Guaracara Refinery in Trinidad & Tobago, establishing a strategic foothold in the Caribbean downstream market.
Clean Energy
• Achieved 113,864 EV rides in H1 2025, avoiding 84,814 kg of CO₂ emissions via two operational e-buses.
• Advanced development of a 1.2GW solar PV module assembly plant; land secured, and financial modelling completed to support fundraising efforts.
• Progressed PET recycling project, with land acquisition finalised and a revised contracting strategy in place for a 2,750 tons/month facility.
• Completed techno-economic study for a 6MW geothermal pilot project and continued engagements with key implementation partners.
• Published Nigeria’s National Wind Resource Capacity Report, mapping state-level wind potential to inform future investments.
Mining and Infrastructure
• Signed Production Sharing Contract (PSC) with Kebbi State for joint development of lithium and gold assets.
• Positive lithium and gold assay results confirmed across Kebbi and Kaduna licenses; partner selection for lithium development advanced.
• Initiated assessment of historical tin lease in Kwara State to support early cash flow strategy
• Targeting investment decision on at least one mineral asset by Q3 2025 to enable near-term production.
H2 2025 Outlook
• Target full-year production of 30,000 –40,000 boepd maintained, driven by a balanced capital programme of 3 new wells and 6 rig-less interventions
• Projected capex of $250–270 million focused on drilling, infrastructure, and ESG projects, with a 20% cost reduction goal
• Trading guidance of 25 – 35 MMbbl crude oil; 750,000 – 1,000,000 MT refined products
• 50 electric buses expected to be deployed in 2025; progress solar PV module assembly plant toward FID.
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.
