Oando PLC reported a strong first-half 2026 performance, with revenue rising 20% year-on-year to N2.1 trillion and profit after tax reaching N68.6 billion, up 8% from N63.3 billion in H1 2025.
The company also lowered production operating costs by 18% to $16.83 per boe, compared with $20.62 per boe a year earlier, reflecting the impact of cost optimisation initiatives across its expanded upstream portfolio.
Oando generated N179.5 billion in cash from operating activities, compared with a N287.9 billion operating cash outflow in the corresponding period of 2025. Cash and cash equivalents stood at N544.9 billion at the end of June, up from N194.2 billion a year earlier.
Speaking on the results, Group Chief Executive Wale Tinubu said “The first half of 2026 marks an important inflection point in Oando’s journey,”.
“Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation.
“Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92% while reducing production operating costs by 18% to US$16.83 per boe.” He concluded.
Oando Growth
During the period, Oando drilled and completed two land development wells and is currently drilling another, while mobilising a second drilling rig to accelerate activity across its operated portfolio.
“In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16% year-on-year growth,” Tinubu said.
Beyond upstream operations, Oando expanded its domestic gas business by commencing long-term gas supplies of 11.2 million standard cubic feet per day to the newly commissioned 60 MW Bayelsa Independent Power Plant.
The company also strengthened its regional footprint by executing the Production Sharing Contract for Block KON 13 in Angola, where it holds a 45% participating interest and will serve as operator.
