Oando's Revenue Soars 20% to N2.1 Trillion in H1 2026

Oando Plc has reported a significant increase in revenue and profit for the first half of 2026. The company's unaudited results show that revenue rose by 20% to N2.1 trillion, while Profit After Tax (PAT) increased by 8% to N68.6 billion.

The improved financial performance was attributed to lower transport, logistics, service, and ICT costs, alongside higher production across a largely fixed field cost base. Oando's upstream subsidiary recorded a facility uptime of 92% during the period, compared with 85% in the corresponding period of 2025.

Group Chief Executive Wale Tinubu described the first half of 2026 as an 'inflection point' in the company's transformation. He noted that operational efficiency remained the cornerstone of Oando's performance, with strengthened asset integrity, improved facility reliability, and enhanced security helping to reduce production operating costs by 18% to $16.83 per barrel of oil equivalent.

Oando plans to complete its seven-well drilling campaign across Idu T, Samabri A, and Ogbanbiri while executing about 100 rig-less well intervention activities across its portfolio this year to sustain production and mitigate natural field decline.