Oando Group attributed the increase in production to several factors. This includes the full-year consolidation of the NAOC JV interest.
Also improved production through following the reactivation of previously constrained wells, and infrastructure upgrades that enhanced the performance of operated assets.
Oando reported a 10% rise in profit
Oando reported a 10% rise in profit after tax, reaching ₦241.3 billion in 2024, compared to ₦220.1 billion in 2023. This growth was driven by higher upstream production, the reversal of impairments, and favorable tax adjustments.
However, the company experienced a 21% drop in revenue, falling to ₦3.21 trillion in 2024 from ₦4.09 trillion in 2023. Gross profit also declined significantly, down 82% year-on-year to ₦27.8 billion, compared to ₦155.9 billion in 2023.
These declines were primarily due to a shift in the company’s revenue mix. Oando reduced its focus on high-turnover, low-margin refined-product trading and prioritized higher-margin crude oil and gas trading opportunities. Additionally, non-cash items contributed to the drop in earnings.
Commenting on the full year-end 2025 unaudited results, Group Chief Executive, Oando PLC, Wale Tinubu, CON, 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.
Also 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.”
Within its trading business, the Group recorded a 42% increase year-on-year in crude oil cargos traded, rising to 26 crude oil cargos (29.4 MMbbl) compared to 21 cargos (20.7 MMbbl) traded in 2024.
Oando deliberately paused premium motor spirit (PMS) trading
During the period, Oando deliberately paused premium motor spirit (PMS) trading in response to structural changes in Nigeria’s domestic downstream landscape.
While this rebalancing resulted in a short-term reduction in reported earnings. It aligns with the Group’s longer-term focus on margin quality and capital efficiency.
“In our downstream trading business, we responded decisively to evolving market dynamics by deliberately rebalancing our portfolio away from gasoline importation toward higher-margin crude 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 monetization for our clients,” added Tinubu.
