Oando Plc, one of Africa’s leading indigenous energy solutions providers, ended the first quarter of the year on a high with N933 billion revenue in its unaudited results.

This performance comes in the wake of its recent release of its 2024 FY audited financial statement, where it reported a 44 per cent year-on-year revenue increase to N4.1 trillion compared to N2.9 trillion in FY 2023 and a 267 per cent increase in profit-after-tax to N220 billion.

Oando, like a few indigenous oil and gas companies in Nigeria, who keyed into the international oil companies (IOCs) divestment of onshore assets, has begun reaping the gains of its acquisition of Nigerian Agip Oil Company (NAOC) from Italian oil giant, Eni.

An analysis of Oando’s financial shows that the company’s turnover grew by two per cent year-on-year to N933 billion in Q1 2025 compared to N915 billion in Q1 of 2024.

Also, the company posted a 172 per cent increase in gross profit. It posted N85 billion in Q1 compared to N31 billion in Q1 of 2024, reflecting stronger E & P margins.

In its upstream business, crude oil production rose 132 per cent to 11,369 bopd, gas volumes grew by 56 per cent to 25,185 boepd, and NGL production increased 30 per cent to 1,040 bpd.

The company recorded zero lost-time injuries (LTIs) and 12.3 million LTI-free hours, underscoring continued HSE excellence. In addition, the company achieved average daily production of 37,595 boepd (within guidance), up 72 per cent year-on-year, driven by the full consolidation of NAOC assets and well reactivations. The company was awarded operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin, Angola and expanding Oando’s African upstream footprint.

Speaking on the Q1, 2025 financial results, Wale Tinubu, the group chief executive, said: “Q1 2025 marked a strong start to the year for us, with a 72% year-on-year increase in production volumes as a result of the successful integration of the NAOC assets into our portfolio, improved asset reliability and the reactivation of shut-in wells, reflecting early wins from our focus on operational efficiency and disciplined execution.

Beyond Nigeria, we have expanded our regional presence with our entry into Angola’s Kwanza Basin marking a major milestone in scaling our upstream footprint across Africa. Similarly, being named preferred bidder for the Guaracara Refinery in Trinidad and Tobago demonstrates the strength of our integrated business model, our growing role in the Afro-Caribbean landscape, and a reflection of our evolution into a more geographically diversified energy company.”