Oando Plc revenue surged by 45% in 2024, reaching N4.1tn, the company’s NAOC acquisition boosted oil production and profit after tax, setting the stage for 2025 cost optimisation and enhanced oil security measures. This was disclosed in its Unaudited Interim Consolidated and Separate Financial Statements filed with the Nigerian Exchange Limited (NGX) on Friday. The increase highlights Oando’s financial strength in Nigeria’s oil and gas sector.
Oando Plc’s Agip Acquisition Boosts Oil Production
A key driver of Oando Plc revenue growth is its 20% stake acquisition in Nigerian Agip Oil Company (NAOC). This move increased its oil production to an average of 23,911 barrels of oil equivalent per day (boe/d), up from 23,258 boe/d in 2023. The acquisition also pushed peak operated production to 103,206 boe/d, with net entitlements of 45,000 boe/d.
Despite a challenging economic environment, Oando Plc remains profitable, reporting a N65.5bn profit after tax. However, the company’s capital expenditures for oil and gas asset development, exploration, and evaluation dropped to $18.1m, down from $52.3m in 2023.
Oando Plc’s 2025 Plans: Cost Optimisation & Oil Security
Oando’s Group Chief Executive, Wale Tinubu, called 2024 a transformational year, citing the successful integration of NAOC Ltd. Looking ahead to 2025, Oando Plc plans to focus on:
- Cost optimisation and operational efficiency
- Technology-driven productivity improvements
- Aggressive drilling programs across three rig lines.
Security remains a major concern for Nigeria’s oil and gas sector. Tinubu revealed plans for a revamped security framework, including advanced surveillance technology and intelligence-driven initiatives to curb oil theft.
He also stressed the need for stronger stakeholder engagement to ensure sustainable development, operational stability, and long-term revenue growth.
With this latest report, Oando Plc meets its financial reporting obligations for both the NGX and Johannesburg Stock Exchange (JSE), reinforcing its leading position in Nigeria’s oil industry.
