Oando Plc returned to profitability in FY2024, reporting a 44% revenue increase to ₦4.1 trillion and a Profit After Tax of ₦220 billion. Crude oil production rose 27% to 7,558 bopd, while total upstream output grew 3% to 23,727 boepd. The company’s 2P reserves surged 95% to 983 MMboe following its acquisition of NAOC, doubling its stake in key assets from 20% to 40%.Operational uptime reached 86%, reducing production delays.
In the downstream segment, crude oil trading dropped 37%, and refined product volumes fell 64% due to weakened domestic demand and structural market changes.Oando advanced its renewable energy goals, including electric mass transit (reducing 163,546 kg CO₂) and clean energy projects with Cross River, Edo State, and NNPC.CEO Wale Tinubu called 2024 a “defining year” and outlined 2025 priorities: optimizing post-acquisition synergies, improving security, boosting production, cost efficiency, and leveraging tech, with targets of 100,000 bopd and 1.5 tcf gas by 2029.
Oando’s FY 2024 results include four months of NAOC’s output post-acquisition (Aug 22). The company targets 30,000–40,000 boepd in 2025, aiming for 100,000 bopd by 2029.With recent IOC exits, local firms—now operators—are better positioned to manage assets, boost jobs, build capacity, and retain more revenue in Nigeria.
