Oando Plc has posted a massive profit after tax of N220 billion for the 2024 financial year—marking a 267% increase from the previous year.
This was revealed in the company’s audited financial results filed with the Nigerian Exchange on Wednesday. Oando also recorded a 44% revenue growth, hitting N4.1 trillion, up from N2.9 trillion in 2023.
In its upstream operations, the energy giant saw a 3% rise in production, with crude oil output jumping 27% to 7,558 barrels per day (bopd). However, Natural Gas Liquids (NGL) and gas output dropped by 35% and 5%, respectively.
Oando’s 2P reserves surged by 95% year-on-year to 983 million barrels of oil equivalent (MMboe), reflecting a strong post-acquisition portfolio performance and a reserves replacement ratio of 188%.
“2024 was a defining year for Oando,” said Group Chief Executive, Wale Tinubu. “The successful acquisition and integration of NAOC marks the culmination of a decade-long strategic growth journey… doubling our working interest in the OML 60–63 assets and significantly boosting our reserves.”
The company maintained a solid operational uptime of 86%, improving off-take reliability and minimizing production loss.
The downstream segment was not as strong, with crude oil trading dropping 37% to 20.7 million barrels, and refined product volumes plummeting 64% to 599,000 metric tonnes due to tough macroeconomic conditions.
Still, Oando’s renewable energy division gained ground. By the end of 2024, its electric mass transit project covered over 121,000km, moved 205,000+ passengers, and saved 60,000 litres of diesel while displacing over 163,000 kg of CO₂ emissions.
The company also signed MoUs for wind energy projects in Cross River and Edo States, launched a geothermal feasibility study with NNPC, and began evaluating the conversion of mature oil wells to renewable energy assets.
Notably, the FY 2024 results reflect four months of contribution from Nigerian Agip Oil Company (NAOC), which Oando fully acquired on August 22, 2024.
Looking ahead, Oando has set a 2025 production target of 30,000–40,000 barrels of oil equivalent per day (boepd), aligning with its four-year ambition of reaching 100,000 boepd.
Other indigenous oil players also saw big wins in 2024. Seplat recorded a 137% revenue jump to N1.65 trillion, while Aradel reported a 162% rise to N581.2 billion—riding the wave of divestments by International Oil Companies.
