Oando Production Hits 42,985 bpd, Revenue Rises 9% to ₦2.78trn In 9 Months

Oando Plc has recorded a 9% growth in revenue to ₦2.78 trillion for the nine months ended September 30, 2026, driven by higher crude oil liftings, gas and NGL sales.

The indigenous energy company, listed on the Nigerian Exchange and Johannesburg Stock Exchange, disclosed this in its unaudited results for 9M 2026 released on Friday, October 31, 2026.

According to the results, gross profit surged by 483% to ₦174.5 billion, up from ₦29.8 billion in the same period of 2025, reflecting improved production efficiency and facility uptime of 96.1% compared to 85% last year.

The Group moved from an operating loss of ₦109.7 billion in 9M 2025 to an operating profit of ₦159.7 billion in 9M 2026.

Average daily production rose 14% year-on-year to 42,985 barrels of oil equivalent per day (boepd), up from 37,614 boepd in 2025. Crude oil production grew 12% to 12,193 bpd, gas production rose 13% to 28,689 boepd, and NGL production jumped 53% to 2,103 bpd.

Crude liftings increased 43% to 3.97 million barrels, natural gas sales grew 5% to 34.01 Bscf, while NGL sales rose 90% to 0.57 million barrels. Total E&P sales volume rose 21% to 10.21 MMboe.

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Commenting, Group Chief Executive, Wale Tinubu, said the performance shows how diligent execution under its operatorship is delivering efficiency and higher production.

“Our performance in the first nine months of 2026 demonstrates how diligent execution under our operatorship, supported by our renewed investment drive, is delivering greater efficiency, improved reliability, lower unit costs and ultimately higher production,” Tinubu said.

He noted production operating costs declined by 22% to $15.39 per boe, with zero fatalities and zero lost-time injuries across 14.9 million man-hours.

The company also reduced total borrowings to ₦2.16 trillion, 22% below its 2024 peak, while cash from operations hit ₦285 billion. It invested ₦110.7 billion in capex, mainly on drilling across OMLs 60-63.

Its seven-well drilling programme is progressing, with Idu 6ST and Idu 15 completed, workovers at Samabri 4T and 7T done, drilling ongoing at Idu T and Samabri A50, and Ogbainbiri set to spud in December. The campaign is expected to add 16,000 to 20,000 boepd gross.

In clean energy, its electric buses in partnership with LAMATA recorded over 212,000 passenger trips in 9M 2026 at 73% capacity utilization, with 11 new buses arriving to bring the fleet to 13.

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The Group has narrowed its full-year production guidance to 40,000–45,000 boepd and expects capex of $90m to $100m.

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