Oando revenue rises to N2.78tn as oil production increases 14%

By Diden Abigail Owuntarose

Indigenous energy company, Oando Plc, has reported a nine per cent increase in revenue to N2.78tn for the first nine months of 2026, supported by higher crude oil production, increased gas sales and improved operational efficiency.

The company disclosed this in its unaudited financial results for the nine months ended September 30, 2026.

Oando’s average daily production rose by 14 per cent to 42,985 barrels of oil equivalent per day, compared with 37,614 barrels recorded in the corresponding period of 2025.

The company’s operating performance also improved significantly, with operating profit reaching N159.7bn, compared with an operating loss of N109.7bn recorded a year earlier.

Gross profit surged by 483 per cent to N174.5bn from N29.8bn, while operating costs declined by 22 per cent, reflecting improved efficiency and increased production.

Crude oil production increased by 12 per cent to 12,193 barrels per day, while gas production rose by 13 per cent to 28,689 barrels of oil equivalent per day.

The company also recorded stronger cash generation, with operating cash flow reaching ₦285bn, while total borrowings declined to ₦2.16tn.

Commenting on the performance, Oando Group Chief Executive, Wale Tinubu, attributed the improvement to operational efficiency, renewed investment and increased reliability across the company’s assets.

The company said it would continue its drilling programme and operational improvement efforts as it seeks to expand production and strengthen its financial position.