Oando Plc, a leading indigenous energy company in Nigeria, has reported a 9% increase in revenue to N2.78 trillion in the first nine months of 2026. This growth was driven by higher crude oil liftings, increased gas and Natural Gas Liquids sales, and improved realised prices. The company's unaudited financial results for the nine months ended September 30, 2026, showed a significant improvement in operating performance.
The company's operating profit stood at N159.7 billion, compared with an operating loss of N109.7 billion recorded in the corresponding period of 2025. Gross profit surged by 483% to N174.5 billion from N29.8 billion in the previous year, reflecting improved production efficiency and higher facility uptime. Oando's average daily production rose by 14% to 42,985 barrels of oil equivalent per day (boepd), compared with 37,614 boepd in the corresponding period of 2025.
According to Wale Tinubu, Group Chief Executive of Oando Plc, the improvement reflected the impact of increased investment, operational efficiency, and improved reliability across the company's upstream portfolio. Facility uptime improved to 96.1% from 85%, while production operating costs declined by 22% to $15.39 per barrel of oil equivalent. The operational gains were achieved without any fatalities or lost-time injuries across approximately 14.9 million hours worked during the period.
A breakdown of production showed that crude oil output increased by 12% to 12,193 barrels per day, while gas production rose by 13% to 28,689 boepd. Natural Gas Liquids production recorded the strongest growth, increasing by 53% to 2,103 barrels per day. The company also recorded higher sales volumes across its upstream operations, with crude oil liftings increasing by 43% to 3.97 million barrels.
Oando's financial position also improved, with total borrowings declining to N2.16 trillion, representing a 22% reduction from the peak recorded at the end of 2024. Cash generated from operations stood at N285 billion, while capital expenditure during the nine-month period amounted to N110.7 billion, largely directed towards drilling activities across Oil Mining Leases 60–63.
The company said its seven-well drilling programme for 2026 had progressed across its operated assets, with Idu 6ST and Idu 15 completed and brought on stream. Workovers at Samabri 4T and Samabri 7T had also been completed. Drilling activities are ongoing at Idu T and Samabri A50, while the final well, Ogbainbiri, is scheduled to commence drilling in December.
Looking ahead, Oando said it had narrowed its full-year production guidance to between 40,000 and 45,000 boepd, while projecting capital expenditure of approximately $90m to $100m for 2026. The company plans to strengthen shareholders' funds through an impending equity raise, which will help reduce leverage, improve its capacity to finance growth, and support future shareholder distributions.
Key points
- Oando Plc reports 9% revenue growth to N2.78tn and 14% production increase in the first nine months of 2026.
- The company's operating profit stood at N159.7 billion, compared with an operating loss of N109.7 billion recorded in the corresponding period of 2025.
- Oando's average daily production rose by 14% to 42,985 barrels of oil equivalent per day (boepd).
