Oando Plc has announced a $550 million crude prepayment contribution to the Nigerian National Petroleum Company’s (NNPC) Project Gazelle, signaling strong confidence in Nigeria’s energy sector and the project’s goal of stabilizing oil revenues.

The announcement came alongside the company’s audited financial results for the year ending December 31, 2024, a landmark year marked by Oando’s strategic acquisition of Nigerian Agip Oil Company (NAOC).

Oando Group Chief Executive, Wale Tinubu, described 2024 as a pivotal year for the company:

“The successful acquisition and integration of NAOC marks the culmination of a decade-long strategic growth journey. It has significantly deepened our upstream portfolio, doubling our working interest in the OML 60–63 assets and increasing our 2P reserves from 500 million to 1 billion barrels of oil equivalent.”

The company recorded a 44 percent revenue jump to N4.1 trillion and saw profit after tax soar by 267% to ₦220 billion, driven by the expanded asset base and favorable forex conditions.

Oando’s participation in Project Gazelle, an NNPC initiative focused on forward crude sales to enhance export volume stability, is expected to support Nigeria’s fiscal health.

Looking forward to 2025, Tinubu said:

“Our key priorities include unlocking synergies from the NAOC acquisition, implementing a revamped security framework to tackle pipeline vandalism, optimizing costs, and ramping up production towards our target of 100,000 barrels of oil per day and 1.5 trillion cubic feet of gas by 2029.”

Operational highlights for 2024 included an average daily production of 23,727 barrels of oil equivalent per day (boepd), a 22% increase in crude oil output, and a near doubling of 2P reserves to 983 million barrels.

Oando also maintained a strong safety record with a Lost Time Injury Frequency rate of 0.05 and achieved a 92% reduction in routine gas flaring, reinforcing its commitment to sustainability and the 2027 zero-flaring target.