Oando PLC (www.OandoPLC.com), Africa’s leading indigenous energy solutions provider, listed on the Nigerian Exchange Ltd. (NGX) and Johannesburg Stock Exchange (JSE), announced its audited results for the financial year ended 31 December 2025, delivering a 32% increase in average daily production to 32,482 barrels of oil equivalent per day (boepd) and Profit After Tax of ₦204.8 billion. FY2025 marked a transition year for the Group, with the first full-year contribution from the Nigerian Agip Oil Company (NAOC) Joint Venture assets and a shift from acquisition-led growth to operational execution and balance sheet optimisation.
Supporting this performance, the Group generated ₦258.3 billion in cash from operations and closed the year with ₦422.9 billion in cash and cash equivalents, up 172% from 2024, while strengthening financial flexibility through the upsizing of its US$375 million Reserve-Based Lending (RBL2) facility.
Operationally, crude trading volumes increased by 24% to 25.7 million barrels, crude oil production rose by 36%, gas production increased by 24%, and Natural Gas Liquids (NGL) production surged by 715% following upgrades to gas processing infrastructure. The Company also successfully completed and brought onstream the Obiafu-44 gas-condensate well, its first operated development well following the assumption of operatorship, while maintaining zero fatalities, zero Lost-Time Injuries (LTIs) and a Total Recordable Incident Rate (TRIR) of 0.05.
Commenting on the results, Group Chief Executive, Oando PLC, Wale Tinubu CON, said: “FY 2025 marked our first full year of operational execution following the acquisition of the NAOC Joint Venture assets and represents an important milestone in Oando’s evolution. Having successfully completed the integration phase, our focus shifted to operatorship, operational excellence, and value realisation across the enlarged portfolio.
During the year, we strengthened asset integrity, enhanced security across our operating areas, and improved uptime, resulting in a 32% year-on-year increase in production to 32,482 boepd net to Oando. This performance was driven by stronger output across crude oil, gas, and NGLs, improved operational reliability, and the successful stabilisation of our expanded asset base.”
The Group’s upstream performance was driven by improved facility uptime, enhanced flow assurance, the restoration of previously shut-in wells and targeted infrastructure upgrades across its operated assets. In addition to higher crude oil and gas production, the successful revamp of the NGL processing plant increased recovery efficiency and drove a 715% increase in NGL production. The completion and start-up of the Obiafu-44 gas-condensate well further demonstrated Oando’s ability to safely execute complex development programmes following the assumption of operatorship.
The Trading Division increased crude trading volumes by 24% to 25.7 million barrels despite changing domestic market dynamics. The business continued to optimise its portfolio by reducing exposure to premium motor spirit (PMS) imports and increasing participation in higher-margin crude and gas trading opportunities, strengthening commercial resilience while enhancing integration with the Group’s upstream operations.
Oando’s FY2025 performance comes at a defining moment for Nigeria’s indigenous upstream sector, as local energy companies continue to demonstrate their ability to successfully acquire, integrate and optimise assets divested by international oil companies. In FY2025, Seplat Energy reported revenue of US$2.726 billion (₦4.135 trillion) and average production of 131,506 boepd, reflecting the first full-year contribution from its Mobil Producing Nigeria Unlimited (MPNU) acquisition, while Aradel Holdings grew revenue by 20% to ₦699.4 billion, supported by its increased interest in ND Western and Renaissance Africa Energy Company. Together with Oando’s strong FY2025 performance following the first full-year contribution from the NAOC JV assets, these results underscore a new era for Nigeria’s energy industry, one in which indigenous operators are not only acquiring world-class assets but successfully creating long-term value from them.
Speaking on the Company’s outlook, Tinubu added, “With operational control firmly embedded, a strong reserves base, and improving financial flexibility, we are well-positioned to build on the momentum achieved in 2025 and enter 2026 from a position of strength. Our focus remains on executing our development programme, growing production, strengthening cash generation, prudent capital allocation, and delivering sustainable long-term value for our shareholders.”
Oando expects production to increase to between 40,000 and 50,000 boepd in 2026, supported by a focused development programme across OMLs 60–63, continued production optimisation and planned capital expenditure of US$90–100 million. The Trading Division is expected to increase crude trading volumes to between 30 and 35 million barrels while the Company advances its clean energy initiatives, including the deployment of additional electric buses and the expansion of its recycling and gas-to-power projects.
This outlook aligns with broader industry trends. The International Energy Agency projects continued resilience in global investment across natural gas and upstream energy infrastructure as countries prioritise energy security and diversify supply. Backed by an expanded upstream portfolio, strengthened financial flexibility and a disciplined execution strategy, Oando remains well positioned to accelerate growth, unlock greater value across its integrated energy business and advance its ambition of building Africa’s leading integrated energy company.