Oando Hits N4.1 Trillion Revenue, Expands Upstream Portfolio

Oando PLC has announced a 44% surge in revenue for the full year 2024, reaching ₦4.1 trillion, up from ₦2.9 trillion in 2023, according to its audited financial results released on Wednesday.

The increase was driven largely by strong performance in its upstream operations, where the company reported a 3% rise in total production to 23,727 barrels of oil equivalent per day (boepd). Crude oil output rose by 27% to 7,558 barrels per day (bopd), while natural gas liquids (NGL) and gas production declined by 35% and 5% respectively.

A major highlight of the year was the 95% growth in 2P reserves to 983 million barrels of oil equivalent (MMboe), representing a 188% reserves replacement ratio—a significant milestone attributed to Oando’s acquisition of NAOC’s interests in key oil blocks (OML 60–63). This move also saw Oando’s working interest in the assets double from 20% to 40%.

“2024 was a defining year for Oando,” said Group Chief Executive Wale Tinubu. “The NAOC acquisition has deepened our upstream portfolio and positioned us as operator on key assets.”

In the downstream sector, Oando’s trading arm sold 20.7 million barrels of crude oil, down 37% from 2023 due to restructuring in Nigeria’s oil market. Refined product sales also fell by 64% to just over 599,000 metric tonnes, impacted by weakened domestic demand amid tough economic conditions.

On the clean energy front, the company reported progress in its electric mass transit initiative, which covered over 121,000 km, transported more than 205,000 passengers, and displaced 163,546 kg of CO₂, saving 60,000 litres of diesel.

Furthering its renewables agenda, Oando signed MoUs for wind energy projects with Cross River and Edo States, and launched a geothermal feasibility study with NNPC to explore repurposing mature oil wells for clean power.