Oando Improves Revenue to ₦2.78tn as Production Jumps 14% in 9 Months.
Stronger operational efficiency also helped restore the group to operating profitability.
The indigenous energy company, in its unaudited results for the nine months ended September 30, 2026, reported an average daily production of 42,985 barrels of oil equivalent per day (boepd), up 14 per cent from 37,614 boepd in the corresponding period of 2025.
Its operating performance recorded a significant turnaround, with operating profit reaching ₦159.7 billion, compared with an operating loss of ₦109.7 billion a year earlier.
Gross profit also rose sharply by 483 per cent to ₦174.5 billion from ₦29.8 billion, reflecting higher production volumes, improved facility reliability and lower operating costs. The results point to a stronger earnings position for the group as it expands output from its upstream assets and pursues a drilling programme intended to raise production capacity over the medium term. Higher crude liftings, gas sales drive revenue Oando’s production growth was supported by improved output across its crude oil, gas and NGL operations. Crude oil production increased 12 per cent to 12,193 barrels per day, while gas production rose 13 per cent to 28,689 boepd.
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