Oando Grows 9-Month Revenue to ₦2.78tn as Production Reaches 42,985 Boepd

Oando reported a 9% rise in revenue to ₦2.78 trillion for the nine months ended 30 September 2026. The energy company also moved from an operating loss of ₦109.7 billion in the same period of 2025 to an operating profit of ₦159.7 billion. Average daily production rose 14% year-on-year to 42,985 barrels of oil equivalent per day. Crude oil production increased by 12%, gas output rose by 13%, while natural gas liquids production grew by 53%. Gross profit rose 483% to ₦174.5 billion as facility uptime improved to 96.1%. The company said crude oil liftings grew 43%, while total exploration and production sales volumes increased 21%. Production operating costs fell 22% to US$15.39 per barrel of oil equivalent, and total borrowings declined to ₦2.16 trillion. Oando is progressing with a seven-well drilling programme expected to add 16,000 to 20,000 boepd in gross production. It has maintained full-year production guidance of 40,000 to 45,000 boepd and plans to continue capital spending on its operated oil assets.

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