Oando PLC, Africa’s leading indigenous energy solutions provider, has published its unaudited results for the full year ended 31 December 2025, recording a 32% year-on-year increase in production by its upstream business, averaging 32,482 boepd.

This growth was driven by a 36% increase in crude oil production to 11,269 bopd, a 24% increase in gas production to 19,982 boepd, and a 715% increase in NGL production to 1,231 bpd.

The Group attributed the production growth to the full-year consolidation of the NAOC JV interest, improved operational uptime resulting from the reactivation of previously constrained wells, and targeted infrastructure upgrades across operated assets.

Oando reported a 10% increase in profit after tax to N241.3 billion compared to N220.1 billion in 2024, supported by higher upstream production, impairment reversals, and favourable tax adjustments.

However, revenue declined 21% to N3.21 trillion from N4.09trillion in 2024, while gross profit decreased 82% year-on-year to N27.8 billion, down from N155.9 billion in 2024.

According to a statement, the group said these declines in earnings reflect the Company’s change in revenue mix as it scaled back high-turnover, lower-margin refined-product trading in favour of higher-margin crude and gas trading opportunities, as well as the impact of non-cash items.

Commenting on the full year-end 2025 unaudited results, Group Chief Executive, Oando PLC, Wale Tinubu, said, “2025 was a year of relentless execution as we successfully transitioned from the integration of the NAOC Joint Venture into operational delivery.

“Over the year under review, we reinforced asset integrity, strengthened security across our operating areas, and materially improved uptime, delivering a 32% 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% increase in crude oil liftings and a 59% increase in gas sales volumes.

“Building on this foundation, we launched our development drilling programme with the successful completion and start-up of the Obiafu-44 gas-condensate well. This well represents the first execution milestone within a phased 36-well development programme, designed to restore field deliverability, unlock incremental production and advance the Group’s medium-term growth objectives.”