The company announced a 32 per cent year-on-year increase in production by its upstream business, averaging 32,482 boepd. Oando reported a 10 percent increase in profit after tax to ₦241.3 billion compared to ₦220.1 billion in 2024, supported by higher upstream production, impairment reversals, and favourable tax adjustments. However, revenue declined 21 per cent to ₦3.21 trillion from ₦4.09 trillion in 2024, while gross profit decreased 82 per cent year-on-year to ₦27.8 billion, down from ₦155.9 billion in 2024. Over the year under review, we reinforced asset integrity, strengthened security across our operating areas, and materially improved uptime, delivering a 32 per cent year-on-year increase in total production. Operated Joint Venture production averaged approximately 80,545 boepd, translating to 32,482 boepd net to Oando, alongside a 30 per cent increase in crude oil liftings and a 59 per cent increase in gas sales volumes.

Source: Nigerian Tribune February 03, 2026 00:05 UTC