Oando PLC, a leading indigenous energy solutions provider in Africa, has reported a robust financial performance in its unaudited Q1 2025 results, posting N933 billion in revenue. This strong start to the year builds on the momentum from its recently released 2024 FY Audited Financial Statement, which saw a 44% year-on-year revenue increase to N4.1 trillion compared to N2.9 trillion in FY 2023, alongside a remarkable 267% surge in Profit-After-Tax to N220 billion.

A key factor underpinning Oando's impressive gains is its strategic acquisition of Nigerian Agip Oil Company (NAOC) from the Italian oil giant, Eni. This move, aligning with the trend of International Oil Companies (IOCs) divesting onshore assets, has begun yielding significant returns for Oando and other indigenous Nigerian oil and gas companies that capitalized on similar opportunities.

Delving into Oando’s Q1 2025 financials reveals that the company’s turnover grew by 2% year-on-year to N933 billion, up from N915 billion in Q1 2024. Furthermore, the company demonstrated exceptional profitability with a 172% increase in Gross Profit, reaching N85 billion in Q1 2025 compared to N31 billion in Q1 2024. This substantial growth in gross profit reflects stronger Exploration & Production (E&P) margins, indicating improved operational efficiency in its core business.

In its upstream operations, Oando witnessed significant production increases. Crude oil production rose by 132% to 11,369 barrels of oil per day (bopd), gas volumes grew by 56% to 25,185 barrels of oil equivalent per day (boepd), and Natural Gas Liquids (NGL) production increased by 30% to 1,040 barrels per day (bpd). The company achieved an average daily production of 37,595 boepd, representing a 72% year-on-year increase and falling within its guidance. This surge in production was primarily driven by the full consolidation of NAOC assets and successful well reactivations, underscoring Oando's focus on operational efficiency and disciplined execution.

Beyond financial and production milestones, Oando maintained its commitment to safety and environmental excellence, recording zero Lost-Time Injuries (LTIs) and accumulating 12.3 million LTI-free hours. Strategically, Oando expanded its African upstream footprint by being awarded the operatorship of Block KON 13 in Angola, marking its entry into the Kwanza Basin. Additionally, the company was named the preferred bidder for the Guaracara Refinery in Trinidad and Tobago. These international ventures highlight Oando's integrated business model and its evolution into a more geographically diversified energy company, extending its role across the Afro-Caribbean landscape.

Wale Tinubu, Group Chief Executive of Oando PLC, commented on the Q1 2025 results, stating, “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.”