Oando Plc, one of Africa’s leading indigenous energy companies, has recorded a 10% rise in profit after tax (PAT), posting N241.3 billion for the year ended December 31, 2025, up from N220.1 billion in 2024.
The increase in profit was largely driven by higher upstream production, favourable tax adjustments, and reversals of impairments, despite a decline in overall revenue.
The company’s revenue fell 21% to N3.21 trillion, down from N4.09 trillion in 2024, while gross profit dropped 82% year-on-year to N27.8 billion.
Oando attributed the decline to a strategic shift away from high-volume, lower-margin refined product trading toward higher-margin crude oil and gas operations, as well as the impact of non-cash items.
Upstream production grew significantly, rising 32% to an average of 32,482 barrels of oil equivalent per day (boepd). Crude oil output increased by 36% to 11,269 barrels per day (bopd), gas production rose 24% to 19,982 boepd, and natural gas liquids (NGL) surged 715% to 1,231 barrels per day.
The company credited the growth to the full-year consolidation of its NAOC joint venture interest, the reactivation of previously constrained wells, and targeted infrastructure upgrades.
Oando’s Group Chief Executive, Wale Tinubu, highlighted the operational improvements, saying, “2025 was a year of relentless execution as we transitioned from the integration of the NAOC Joint Venture to full operational delivery. We reinforced asset integrity, strengthened security across our operations, and improved uptime, achieving a 32% increase in total production.”
The company also completed the Obiafu-44 gas-condensate well, the first milestone in a 36-well development program aimed at boosting field deliverability and long-term production growth.
In its trading business, Oando reported a 42% increase in crude oil cargos traded, totaling 26 cargos (29.4 million barrels) compared to 21 cargos (20.7 million barrels) in 2024. The company paused premium motor spirit (PMS) trading to adapt to structural changes in Nigeria’s downstream sector.
Tinubu noted that the shift “aligns with our long-term focus on margin quality and capital efficiency,” adding that the group expanded global exports and leveraged structured offtake arrangements to support cash flow and production monetization.
Looking ahead, Oando plans to continue executing its development program, strengthen operational resilience, and prioritize capital allocation to sustain production growth and enhance long-term shareholder value.
