LAGOS, Nigeria, August 4, 2026/APO Group/ —
Oando PLC (https://OandoPLC.com/), Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Ltd. and Johannesburg Stock Exchange, has published its unaudited results for the six months ended 30 June 2026. The Group posted a 20% revenue increase to ₦2.1 trillion, reflecting the results of the Company’s cost-optimisation initiatives, principally lower transport, logistics, service and ICT costs, alongside the benefit of higher production across a largely fixed field cost base. This stronger earnings performance is also reflected in the Company’s profit after tax, which rose 8% to ₦68.6 billion and gross profit, which rose 331% to ₦101 billion.
Oando’s upstream subsidiary reported a 92% facility uptime compared to 85% in 2025, resulting in a 16% increase in average production to 42,789 boepd from 36,836 boepd in H1 2025. This production number comprises crude oil production up by 19% to 12,358 bopd, gas volumes up 14% to 28,497 boepd, and NGL production up 16% to 1,935 boepd. The Company states these results were underpinned by a combination of factors: the successful drilling of new wells, the restoration of 12 previously shut-in wells, and sustained improvements in facility uptime across OMLs 60-63.
In its trading arm, the Group saw a 2.1% increase in trading volumes to 13.15 MMbbl. The Company attributed this increase to its crude oil marketing and offtake programmes and increased sourcing from marginal field producers and remains focused on expanding its broader crude oil marketing and trading portfolio in the other half of the year.
Group Chief Executive, Wale Tinubu CON, speaking on the half-year 2026 results, commented “The first half of 2026 marks an important inflection point in Oando’s journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation.
Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92% while reducing production operating costs by 18% to US$16.83 per boe.”
“Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio. In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16% year-on-year growth.
This translated into a stronger financial performance, with revenue increasing by 20% to ₦2.1 trillion, while the business generated ₦179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8% to ₦68.6 billion, reflecting the overall improvement in operating performance during the period.” He added.
Similarly, another independent, Seplat Energy Plc, also reported a 4% increase in average production in H1 2026 to 139,509 boepd, while Aradel Holdings Plc reported a 523% increase to 139.5 kboepd.
In 2026, Oando embarked on an extensive drilling programme across both the operated and non-operated portfolio. With this already yielding results in H1 within OMLs 60–63, the Company hopes to complete its seven-well programme with planned drilling across its assets in Idu T, Samabri A and Ogbanbiri. This is to be complemented by a rig-less programme of approximately 100 well intervention activities planned across the portfolio for the full year. Together, these activities are expected to add production, sustain plateau and offset natural field decline across the portfolio.
Addressing the Company’s outlook, Mr Tinubu stated, “Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd. Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.
Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value
We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”
The Company reaffirms full-year production guidance of 40,000–50,000 boepd, supported by a seven-well drilling programme across OMLs 60–63, of which two wells have been completed, with two more in progress. The trading arm has revised its guidance to 22–26 MMbbls following adjustments to a crude oil marketing programme. The Company also continues to advance the Rights Issue and its US$1.5 billion multi-instrument issuance programme and the expansion of its clean energy initiatives.