Oando lifts output 14% to 42,985 barrels a day as nine-month revenue hits ₦2.78tn
- Oando's average daily production rose 14 per cent to 42,985 barrels of oil equivalent per day in the first nine months of 2026.
- Revenue climbed 9 per cent to ₦2.78 trillion, helped by higher crude, gas and gas liquids sales and better prices.
- The company swung from a ₦109.7 billion operating loss last year to a ₦159.7 billion operating profit this year.
Oando produced an average of 42,985 barrels of oil equivalent per day (boepd) between January and September this year, up 14 per cent from 37,614 boepd in the same period of 2025, according to the company's unaudited results released at the weekend.
The jump came as revenue rose 9 per cent to ₦2.78 trillion, helped by more crude oil lifted, higher gas and natural gas liquids (NGL) sales, and better prices.
For everyday Nigerians, the numbers matter for two reasons: more locally produced energy can ease pressure on fuel supply, and a stronger Oando means more tax and dividend money for a company with thousands of Nigerian shareholders.
Where the growth came from
Crude output rose 12 per cent to 12,193 barrels a day. Gas production climbed 13 per cent to 28,689 boepd, while NGL output, the smallest stream, grew fastest at 53 per cent to 2,103 barrels a day.
Sales volumes followed. Crude liftings were up 43 per cent to 3.97 million barrels, gas sales rose 5 per cent to 34.01 billion standard cubic feet, and NGL sales rose 90 per cent to 0.57 million barrels. Total exploration and production sales came to 10.21 million barrels of oil equivalent, 21 per cent more than a year earlier.
The company said its facilities ran 96.1 per cent of the time, against 85 per cent before, and that production costs fell 22 per cent to $15.39 per barrel. It reported no deaths and no lost-time injuries across about 14.9 million hours worked.
Group Chief Executive Wale Tinubu said the results showed "diligent execution under our operatorship" delivering lower unit costs and higher output.
Profit swing and what happens next
Oando moved from an operating loss of ₦109.7 billion in the first nine months of 2025 to an operating profit of ₦159.7 billion. Gross profit rose to ₦174.5 billion from ₦29.8 billion.
Borrowings fell to ₦2.16 trillion, 22 per cent below the peak at the end of 2024, and the company generated ₦285 billion in cash from operations. It spent ₦110.7 billion on capital projects, mostly drilling on oil mining leases 60 to 63.
Two wells, Idu 6ST and Idu 15, are already producing, and workovers at Samabri 4T and Samabri 7T are done. Drilling continues at Idu T and Samabri A50, with the last well, Ogbainbiri, due to start in December. The campaign is expected to add 16,000 to 20,000 boepd gross.
Oando narrowed its full-year guidance to 40,000–45,000 boepd and expects capital spending of $90 million to $100 million. It also plans an equity raise to cut debt and fund growth.
On the clean energy side, electric buses run with the Lagos Metropolitan Area Transport Authority (LAMATA) carried more than 212,000 passengers in the nine months. Eleven more buses have arrived, taking the fleet to 13, with service due to start in the fourth quarter.
