Oando Plc has reported a gross profit of ₦113 billion for the first nine months of 2025, representing a 42 percent decline, as the company continues to experience shifts in market dynamics and changes in its segment mix.
Despite the decline, the Group Chief Executive, Wale Tinubu, said the period marked a strong operational performance, driven by the company’s consolidation of gains from the acquisition of Nigerian Agip Oil Company (NAOC) assets last year.
“In the first nine months of 2025, we consolidated the gains achieved following our acquisition of NAOC’s assets last year. Our assumption of operatorship has been transformational, granting us the ability to act decisively and execute with precision in driving production growth and operational efficiency,” Tinubu said.
He disclosed that Oando achieved a 59 percent year-on-year increase in crude oil and gas production, averaging 38,121 barrels of oil equivalent per day (boepd). According to him, the growth underscores the impact of the NAOC acquisition and signals the beginning of efforts to unlock the tremendous value in the company’s reserves.
During the period, the company recorded strong momentum across its upstream operations, buoyed by increased production and operational efficiency.
To sustain its growth drive, Oando expanded its Reserve-Based Lending (RBL 2) facility to $375 million, enhancing financial flexibility and supporting the accelerated development of its 1 billion barrels of oil equivalent upstream portfolio. The company also renegotiated key credit facilities on more favorable terms, extending repayment periods to free up liquidity for its ongoing drilling programme.
