Oando posts N2.78trn revenue as output rises 14% in nine months

Oando Plc has reported revenue of ₦2.78 trillion for the nine months to September 2026, a nine per cent rise on the same period last year, according to its unaudited results released on Saturday.

The company said the increase came from more crude oil liftings, higher gas and natural gas liquids sales, and better average prices across its upstream fields.

Average daily production rose 14 per cent to 42,985 barrels of oil equivalent per day (boepd), up from 37,614 boepd a year earlier. Crude oil output grew 12 per cent to 12,193 barrels per day, gas rose 13 per cent to 28,689 boepd, and natural gas liquids jumped 53 per cent to 2,103 barrels per day.

For an ordinary Nigerian, the numbers matter most for what they say about the company's health and the country's oil output, which drives most of the money shared among the federal, state and local governments.

From loss to profit

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 this year. Gross profit rose 483 per cent to ₦174.5 billion, from ₦29.8 billion.

The company credited better production efficiency. Facility uptime climbed to 96.1 per cent from 85 per cent, and production operating costs fell 22 per cent to $15.39 per barrel of oil equivalent.

Group chief executive Wale Tinubu said the results showed "diligent execution under our operatorship" delivering "greater efficiency, improved reliability, lower unit costs and ultimately higher production".

Oando said the gains came with zero fatalities and zero lost-time injuries across about 14.9 million hours worked.

Sales volumes also improved. Crude oil liftings rose 43 per cent to 3.97 million barrels, natural gas sales rose five per cent to 34.01 billion standard cubic feet, and natural gas liquids sales rose 90 per cent to 0.57 million barrels. Total exploration and production sales volumes were up 21 per cent to 10.21 million barrels of oil equivalent.

On its finances, total borrowings fell to ₦2.16 trillion, 22 per cent below the peak at the end of 2024. Cash generated from operations reached ₦285 billion, and the company spent ₦110.7 billion on capital expenditure, mainly drilling on oil mining leases 60 to 63.

What happens next

Oando's 2026 seven-well drilling programme is partly done. Two wells, Idu 6ST and Idu 15, have been completed and brought on stream, and workovers at Samabri 4T and Samabri 7T are finished. Drilling continues at Idu T and Samabri A50, with the last well, Ogbainbiri, due to start in December 2026.

The company expects the campaign to add roughly 16,000 to 20,000 boepd gross, supporting its target of about 100,000 boepd within four to five years.