…Oando’s crude oil production rose by 22% to 7,558 bopd, while NGL production decreased by 35% to 156 bpd, and gas was down 5% to 16,013 boepd.
…Also, its 2P reserves recorded growth of 95% year-on-year to 983 MMboe (2023: 505 MMboe), underscoring the strength of its upstream portfolio post-acquisition
WED JUNE 04 2025-theGBJournal| Oando Plc, Nigeria’s leading indigenous energy group, on Wednesday posted revenues of N4.1 trillion in FY 2024, surpassing analysts consensus estimates.
This beats the 2023 revenue (N2.9 trillion) by 44%, driven by higher upstream output and FX gains.
Oando’s profit after tax rose 267% N220 billion within the period under review.
The Group’s results for the year ended December 31, 2024, include approximately four months of contribution from Nigerian Agip Oil Company (NAOC), following the completion of the acquisition on August 22, 2024.
Oando’s Group Chief Executive Wale Tinubu attributes that to the intrinsic value of the Nigerian Agip Oil Company (NAOC), which was acquired for a consideration of $754 million. He says it also underscores the resilience of the company’s business model.
”In parallel, we achieved innovative success in our global trading operations whilst expanding our clean energy initiatives.”
Shares of Oando was 4.7% up on previous closing price (N47.00) by 2 pm local time today, following the result publication.
Oando’s capital expenditure totalled N19 billion (2023: N45 billion), ”reflecting the focus on completing the NAOC Acquisition,” says the company’s management, which expects development activity to ramp up in 2025.
Pursuant to Shareholder approval at the AGM held on 17 December 2024, the Board
approved the distribution of 1.28 billion ordinary shares to shareholders.
Meanwhile, the energy group listed on both the Nigerian Exchange Ltd. (NGX) and Johannesburg Stock Exchange (JSE) achieved average daily production of 23,727 boepd, a 3% increase, supported by NAOC contribution and stabilisation of legacy assets, 2024 exit rate of 36 kboepd.
Oando’s crude oil production rose by 22% to 7,558 bopd, while NGL production decreased by 35% to 156 bpd, and gas was down 5% to 16,013 boepd.
Also, its 2P reserves recorded growth of 95% year-on-year to 983 MMboe (2023: 505 MMboe), underscoring the strength of its upstream portfolio post-acquisition.
However, Oando traded 37% lower to 20.7 million barrels of crude oil, and attributes that to ”market realignment,” while refined product volumes fell 64% to 599 kMT, impacted by shifts in Nigeria’s domestic supply framework.
Oando says it wants to now focus on post-acquisition optimisation and accelerated value delivery across upstream assets, and has set a fresh production guidance of 30,000 – 40,000 boepd, trading guidance of 25 – 35 million barrels crude oil; 750k – 1m MT refined products as well as launch of 50 new electric buses, supporting Nigeria’s clean mobility objectives and financial resilience and implementation of capital re-structure and liquidity optimisation programme to enhance shareholder value.
”We are excited by the opportunities that lie ahead and remain committed to delivering enhanced shareholder returns, shared prosperity and maintaining our position as a leading player in Africa’s evolving energy landscape,” says Group CEO Wale Tinubu while commenting on the company’s performance.
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