Oando Plc has published its unaudited results for the nine months ended 30 September 2026, showcasing a 9 per cent increase in revenue to ₦2.78 trillion. This growth is attributed to higher crude oil liftings, increased gas and Natural Gas Liquids (NGL) sale volumes, and improved average realised prices. The company's performance reflects its diligent execution under operatorship and renewed investment drive.
The Group's operating performance strengthened, moving from an operating loss of ₦109.7 billion in 9M 2025 to an operating profit of ₦159.7 billion in 9M 2026. Gross profit increased by 483 per cent to ₦174.5 billion, compared with ₦29.8 billion in the corresponding period of 2025. This improvement is due to enhanced production efficiency, with a reported facility uptime of 96.1 per cent compared to 85 per cent.
Oando's production averaged 42,985 boepd, up 14 per cent year-on-year, with growth across crude oil, gas, and NGLs. Crude oil production rose 12% to 12,193 barrels per day, gas production increased 13 per cent to 28,689 boepd, and NGL production grew 53 per cent to 2,103 barrels per day in 2026. The company's upstream subsidiary saw a significant increase in production.
The company's crude oil liftings rose 43 per cent to 3.97 MMbbl, while natural gas sales rose 5% to 34.01 billion standard cubic feet (Bscf). NGL sales increased by 90% to 0.57 million barrels. In total, E&P sales volumes rose by 21% to 10.21 million barrels of oil equivalent (MMboe). These gains were achieved with zero fatalities and zero lost-time injuries across approximately 14.9 million hours worked.
Operational improvements further strengthened performance, with production operating costs declining by 22 per cent to US$15.39/boe. This decline reflects cost optimisation across transport, logistics, services, and information and communications technology, alongside higher production across a largely fixed field cost base. The company's improved facility uptime also strengthened the reliability of production and evacuation infrastructure.
Oando recorded a significant decrease in total borrowings, which declined to ₦2.16 trillion, 22 per cent below the peak recorded at the end of 2024. The Group also invested ₦110.7 billion in capital expenditure, primarily directed towards drilling across OMLs 60–63. The company's seven-well drilling programme for 2026 has progressed across its operated assets.
Wale Tinubu CON, Group Chief Executive of Oando PLC, highlighted that the company's performance demonstrates how diligent execution under operatorship, supported by its renewed investment drive, is delivering greater efficiency, improved reliability, lower unit costs, and ultimately higher production across its expanded upstream portfolio. The company generated ₦285 billion in cash from operations during the period.
Key points
- Oando Plc's revenue grew 9% to ₦2.78 trillion in 9M 2026.
- The company's production averaged 42,985 boepd, up 14% year-on-year.
- Oando recorded zero fatalities and zero lost-time injuries across approximately 14.9 million hours worked.
