Oando PLC –
Full
-
Year 2024
Audited
Results
Press Release
Lagos,
Nigeria |
4
June
2025-
OandoPLC (“Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange Ltd. and Johannesburg Stock Exchange, today announces its audited results for the twelve months period ended December 31, 2024.
The Group’s results for the year ended December 31, 2024, include approximatelyfourmonths of contribution from NigerianAgipOil Company (NAOC), following the completion of the acquisition on August22, 2024.
Commenting on the results
,
Wale Tinubu CON, Group Chief Executive, Oando PLC 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% to 40%, as well as our 2P reserves from 500 million barrels of oil equivalent to 1 billion barrels.
Despite a challenging macro economic and security environment, we delivered a 44% revenue increase to
₦
4.1 trillion and a 267% rise in profit after tax to
₦
220 billion, occasioned by the intrinsic value of the NAOC acquisition and underscoring the resilience of our business model. In parallel, we achieved innovative success in our global trading operations whilst expanding our clean energy initiatives.
Looking ahead, 2025 will be our year of execution. Our key priorities shall include unlocking synergies from the acquisition, addressing above-ground security risks through the implementation of a revamped security framework aimed at curbing the persistent theft of oil, cost optimization, balance sheet restructuring, enhancing operational efficiency, and leveraging technology to improve productivity across our operations. In our bid to ramp up production towards achieving our target of 100,000
bopd
and 1.5
tcf
of gas by 2029, we shall pursue a dual-track approach of rig-less interventions and well workovers, complemented by an aggressive drilling program. We are excited by the opportunities that lie ahead and remain committed to delivering enhanced shareholder returns, shared prosperity and maintaining our position as a leading player in Africa’s evolving energy landscape”.
Full
-
year 2024
performance
highlights
Group highlights
Revenue up 44% to₦4.1 trillion (2023:₦2.9 trillion), driven by higher upstream outputand FX gains
Profit After Taxup267% to₦220billion(2023:₦60 billion)
Capital expendituretotalled₦19billion (2023:₦45 billion),reflectingthefocus oncompleting the NAOC Acquisition;development activityisexpectedtoramp up in2025
Pursuant to Shareholder approval atthe AGM held on17 December 2024,the Board approved the distribution of 1.28 billion ordinary sharesto shareholders
Strategic board refresh implemented with appointment ofchairman andindependentnon-executivedirectors to strengthen governance and investor alignment
Upstream
E
xploration and
P
roduction
Completed the acquisition of 100% of NAOC for a consideration of$754million;integration progressing in line withtheplan
Achieved average daily production of 23,727boepd, a 3% increase, supported by NAOC contribution and stabilisation of legacy assets, 2024 exit rate of36kboepd
Crude oil production rose by 22%to 7,558bopd, while NGL productiondecreased by 35%to156bpd,andgas was down5%to16,013boepd
2P reserves grew95%year-on-yearto 983MMboe (2023: 505 MMboe), underscoring the strength of our upstream portfolio post-acquisition
Operational uptimeof86%sustained(2023:86%),supporting offtake reliability and reducing deferred production
LTIF of 0.05; recorded 7.35 million LTI-free hours, reaffirmingsafetycommitment
The ZeroRoutineFlaring Programme remains on track for 2027completion, in line with national and JV commitments- 92% reduction achieved to date
Trading
Traded 20.7 million barrels of crude oil, down 37% due to market realignment.
Refined product volumes declined 64%to 599kMT, impacted by shifts in Nigeria’s domestic supply framework
Participated inNNPC’sProject Gazellethrough acontribution of$550mcrude prepaymentto theprogramme, enhancing volume security
Clean
E
nergy
The electric mass transit programme delivered 121,145 km of service, transporting 205,152 passengers andavoiding over 163,500 kg of CO₂emissions.
Secured 5,100 tons/month PET offtake commitments; progressingthedevelopment of recycling plant
Executed MoUs for 275MW of wind projects in Cross River and Edo States
1.2GW solar module assembly plant progressed to advanced OEM engagement
Launched geothermal feasibility in collaboration with NNPC, exploring the conversion of mature wells to renewable power assets
Mining and
Infrastructure
Conducted comprehensive fieldwork across lithium, gemstone, and limestone prospects
Completed the Environmental and Social Impact Assessment (ESIA) for Nigeria’s first commercial-scale bitumen mine, positioning for project feasibility in 2025
2025
Out
look
Focused on post-acquisition optimisation and accelerated value delivery across upstream assets
Production guidance:30,000 –40,000boepd
Trading guidance:25–35million barrels crude oil;750k–1mMT refined products.
Launch 50 new electric buses,supporting Nigeria’s clean mobilityobjectives
Implementation of capitalre-structure and liquidity optimisation programme to enhance shareholder valueand financial resilience
Responsibility for publication
This announcement has been authorised for publication on behalf of Oando PLC by:
Adeola Ogunsemi
GroupChief Financial Officer
