Oando Sees 20% Revenue Growth in H1 2026 Amid Cost Optimisation

Oando, an indigenous energy solutions provider listed on both the Nigerian Exchange Ltd. and Johannesburg Stock Exchange, has reported its unaudited results for the six months ended 30 June 2026.

The Group posted a 20% revenue increase to N2.1 trillion, reflecting the results of the Company's cost-optimisation initiatives, primarily lower transport, logistics, service, and ICT costs, alongside higher production across a largely fixed field cost base.

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.

Group Chief Executive Wale Tinubu stated that the first half of 2026 marks an important inflection point in Oando's journey. The Company aims to complete its seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd by the end of the year.