Oando Plc, a leading integrated energy company listed on the Nigerian and Johannesburg stock exchanges, reported a 45% surge in revenue for 2024, reaching N4.1 trillion compared to N2.9 trillion in 2023. This strong performance follows their previously announced N65.5 billion profit after tax.
Group Chief Executive Wale Tinubu attributed the success to Oando’s transformative 2024, highlighting the acquisition and integration of NAOC Ltd., which boosted production capacity to a peak of 103,206 barrels of oil equivalent per day (boepd) operated and 45,000 boepd net entitlements.
Despite operational challenges, the company achieved the 45% revenue increase and a 9% rise in profit after tax, even with NAOC integration costs.Oando’s average daily production for 2024 was 23,911 boepd, up from 23,258 boepd in 2023, largely due to the increased NAOC stake, though sabotage-related shutdowns partially offset this gain.
For 2025, Tinubu outlined Oando’s focus on cost optimization, operational efficiency, process streamlining, procurement improvements, and technology integration.
The company also plans to aggressively increase production through rig-less and workover initiatives alongside a three-rig drilling program.