Oando Plc has reported a 20 per cent increase in revenue to N2.1 trillion for the half-year ended June 30, 2026, driven by higher crude oil production, improved operational efficiency and lower production costs.
In its unaudited financial results released on Tuesday, the company said profit after tax rose by eight per cent to N68.6 billion, while gross profit surged by 331 per cent to N101 billion.
Average daily production increased by 16 per cent to 42,789 barrels of oil equivalent per day (boepd), up from 36,836 boepd in the corresponding period of 2025. The growth was attributed to new well drilling, the restoration of 12 previously shut-in wells and improved facility uptime across Oil Mining Leases (OMLs) 60 to 63.
The company said facility uptime improved to 92 per cent from 85 per cent a year earlier, while production operating costs fell by 18 per cent to 16.83 dollars per barrel of oil equivalent.
Oando also recorded a 2.1 per cent increase in trading volumes to 13.15 million barrels, supported by expanded crude oil marketing and increased sourcing from marginal field producers.
Group Chief Executive Officer, Wale Tinubu, said the results reflected the successful integration of the company’s expanded upstream assets, improved operational efficiency and stronger financial performance.
He said Oando generated N179.5 billion in operating cash during the period and remains on course to complete its seven-well drilling programme across OMLs 60 to 63, with a target of achieving average production of about 50,000 boepd in 2026.
Tinubu added that the company had identified 62 development wells and 55 planned well interventions to support its medium-term production target of about 100,000 boepd. He also reaffirmed Oando’s full-year production guidance of between 40,000 and 50,000 boepd and said the company would continue with its 1.5-billion-dollar capital-raising programme and expand its clean energy initiatives.
