Oando Plc, a leading integrated energy company, has just wrapped up an incredible year with an impressive rise. According to their audited financial report filed with the Nigerian Exchange, the company’s profit after tax skyrocketed by 267% to a whopping N220 billion in 2024. This impressive growth is a testament to the company’s strategic vision and operational efficiency.
Oando’s revenue saw a significant boost, rising 44% to N4.1 trillion, up from N2.9 trillion in 2023. The company’s upstream production was also on the upswing, increasing by 3% to 23,727 barrels per day, while the production growth was driven by a 27% increase in crude oil production to 7,558 barrels per day, although NGL production and gas production saw decreases of 35% and 5% respectively.
The company’s 2P reserves grew an impressive 95% year-on-year to 983 million barrels of oil equivalent, representing a 188% reserves replacement ratio. This significant growth in reserves underscores the strength of Oando’s upstream portfolio post-acquisition.
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The company also reported a sustained operational uptime of 86 per cent, supporting off-take reliability and reducing deferred production.
While speaking on the company’s upstream performance, Group Chief Executive, Oando PLC, Wale Tinubu said, “2024 was a defining year for Oando, with the successful acquisition and integration of NAOC marking the culmination of a decade-long strategic growth journey which has significantly deepened our upstream portfolio, resulting in our assumption of operatorship of the OML 60–63 series and the doubling of our working interest in the assets from 20 per cent to 40 per cent, as well as our 2P reserves from 500 million barrels of oil equivalent to one billion barrels.”
Other indigenous players have also reported significant revenue growth following the recent wave of International Oil Company divestments. Seplat recorded a revenue of N1.65 trillion, representing a 137 per cent increase from 2023, while Aradel posted N581.2bn in revenue, a 162 per cent increase compared to the previous year.
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