Oando Hits 2026 Production Milestone with N2.1tr Revenue Boost

Oando PLC has reported a significant increase in revenue and production levels for the first half of 2026. The company's revenue rose by 20% to N2.1 trillion, driven by strengthened output from its upstream assets and improved facility reliability.

Production averaged 42,789 barrels of oil equivalent per day (boepd), up from 36,836 boepd in the corresponding period of 2025. The increase was attributed to a combination of new drilling activities, restoration of previously shut-in wells, and improved operational efficiency across oil mining leases (OMLs) 60, 61, 62, and 63.

Oando's trading business also recorded growth during the period, with crude oil trading volumes increasing by 2.1% to 13.15 million barrels.

Group Chief Executive Wale Tinubu said the company has now begun delivering the operational and financial benefits expected from the enlarged asset base. He attributed the stronger results to improved asset integrity, higher facility reliability, and strengthened security across operating areas, which lifted facility uptime to 92% while reducing production operating costs by 18% to $16.83 per barrel of oil equivalent.

The company plans to achieve a medium-term target of approximately 100,000 boepd in the future, with an immediate priority of reaching 50,000 boepd in 2026.