Oando Plc has increased its average daily oil and gas production by 14 per cent to 42,985 barrels of oil equivalent per day (boepd) in the first nine months of 2026, as revenue rose by nine per cent to N2.78 trillion on the back of higher crude oil liftings, increased gas and Natural Gas Liquids (NGL) sales, and improved realised prices.
According to the company’s unaudited financial results for the nine months ended September 30, 2026, operational performance improved across its upstream portfolio, with growth in crude oil, natural gas, and NGL production.
Average daily production rose from 37,614 boepd in the corresponding period of 2025 to 42,985 boepd in 2026, reflecting increased investment, improved operational efficiency, and better facility reliability.
Crude oil production also increased by 12 per cent to 12,193 barrels per day, while gas production rose by 13 per cent to 28,689 boepd.
Its NGL production recorded the highest growth, increasing by 53 per cent to 2,103 barrels per day.
The improved output also translated into higher sales volumes. Crude oil liftings increased by 43 per cent to 3.97 million barrels, while natural gas sales rose by five per cent to 34.01 billion standard cubic feet (Bscf).
NGL sales surged by 90 per cent to 0.57 million barrels, pushing total exploration and production sales volumes up by 21 per cent to 10.21 million barrels of oil equivalent.
Commenting on the performance, Group Chief Executive of Oando Plc, Wale Tinubu, said the results reflected the impact of disciplined execution under the company’s operatorship and renewed investment drive.
He said production growth was supported by improved efficiency, higher facility uptime and lower operating costs across the company’s expanded upstream portfolio.
According to him, facility uptime improved to 96.1 per cent from 85 per cent in the corresponding period of 2025, while production operating costs declined by 22 per cent to $15.39 per barrel of oil equivalent.
The company, according to him, also recorded a significant improvement in profitability, moving from an operating loss of N109.7 billion in the first nine months of 2025 to an operating profit of N159.7 billion in the review period.
Gross profit increased by 483 per cent to N174.5 billion from N29.8 billion in the corresponding period of the previous year.
Tinubu attributed the improvement to higher production, better operational reliability, lower unit costs and increased efficiency across the company’s assets.
On its investment programme, he said the company had committed N110.7 billion to capital expenditure during the period, largely directed towards drilling activities across Oil Mining Leases (OMLs) 60-63.
‘The company’s seven-well drilling programme for 2026 is progressing across its operated assets. Two wells, Idu 6ST and Idu 15, have been completed and brought on stream, while workovers at Samabri 4T and Samabri 7T have also been completed.
‘ Drilling is ongoing at Idu T and Samabri A50, with the final well, Ogbainbiri, scheduled to commence in December,’ the company said.
On completion, the company said the drilling campaign is expected to add between 16,000 and 20,000 boepd gross production, helping to offset natural field decline and sustain output growth.
The programme is also expected to support Oando’s medium-term ambition of increasing production to approximately 100,000 boepd within the next four to five years.
Meanwhile, the company reported that total borrowings declined to N2.16 trillion, representing a 22 per cent reduction from the peak recorded at the end of 2024.
Cash generated from operations stood at N285 billion during the review period.
In the clean energy segment, Oando’s electric mobility partnership with the Lagos Metropolitan Area Transport Authority (LAMATA) recorded more than 212,000 passenger journeys in the first nine months of 2026, with average capacity utilisation of 73 per cent.
‘An additional 11 electric buses, the first batch of a planned 50, have arrived in Lagos, bringing the fleet to 13. The expanded fleet is expected to commence operations in the fourth quarter, with LAMATA operating the buses on behalf of Lagos State,’ the statement read.
Looking ahead, Oando said it has narrowed its full-year production guidance to between 40,000 and 45,000 boepd, while projecting capital expenditure of $90 million to $100 million for 2026, primarily targeting high-impact, short-cycle upstream activities.
Tinubu said the company’s priorities for the remaining months of the year included completing its drilling programme, sustaining operational reliability and strengthening shareholders’ funds through an impending equity raise.
He added that the initiatives would help reduce leverage, improve the company’s capacity to finance future growth and support potential shareholder distributions.