Oando PLC, Group Chief Executive, Wale Tinubu
In a year marked by economic turbulence and industry-wide challenges, Oando PLC, Africa’s leading integrated energy company, has reaffirmed its resilience and strategic growth vision with a 45% revenue increase to ₦4.1 trillion and a 9% rise in profit after tax to ₦65.5 billion in its FY 2024 results. Listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), Oando’s latest performance underscores its unwavering commitment to expansion, operational efficiency, and long-term value creation.
The company’s landmark achievement in 2024 is largely attributed to the successful acquisition and integration of NAOC Ltd, a move that significantly enhanced Oando’s production capacity, reaching a peak operated production of 103,206 barrels of oil equivalent per day (boepd), with net entitlements of 45,000 boepd.
Reflecting on the year’s achievements, Group Chief Executive, Wale Tinubu, CON, emphasized:
“2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd. Despite a challenging operating environment, we achieved a 45% increase in revenue to ₦4.1 trillion, reflecting the strength of our business model, and a 9% rise in profit after tax to ₦65.5 billion, notwithstanding the costs associated with the onboarding of NAOC.”
Navigating Challenges, Delivering Growth
Oando’s average production for the year stood at 23,911 boe/d, reflecting an increase from 23,258 boe/d in 2023. This growth was fueled by its 20% additional stake in the NAOC Joint Venture in Q4, partially offset by sabotage-induced production disruptions.
The company also maintained a disciplined capital expenditure approach, investing $18.1 million in oil and gas development, exploration, and evaluation, compared to $52.3 million in 2023. This strategic allocation ensured efficient resource utilization while navigating industry headwinds.
2025: Strategic Roadmap for Expansion and Stability
As Oando transitions into 2025, Tinubu outlined a clear roadmap for sustaining growth and addressing sectoral challenges:
✔ Cost Optimization & Operational Efficiency – Streamlining processes, enhancing procurement strategies, and leveraging technology to boost productivity.
✔ Production Growth Initiatives – Deploying rig-less and workover solutions, coupled with an aggressive three-rig drilling program.
✔ Security & Infrastructure Protection – Implementing an advanced security framework that integrates cutting-edge surveillance technology to combat crude oil theft.
✔ Stakeholder Engagement & Sustainable Development – Strengthening partnerships with host communities and government agencies to foster stability and mutual prosperity.
“As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all.” — Wale Tinubu
Positioned for a Thriving Oil Market
Oando’s optimism for 2025 is further supported by global oil demand projections. The U.S. Energy Information Administration (EIA) forecasts a 1.3 million barrels per day (bpd) growth in demand, exceeding the 2024 growth estimate of 0.9 million bpd and aligning with the pre-pandemic decade’s average of 1.5 million bpd. This positive outlook strengthens Oando’s market positioning and enhances its revenue potential.
A Future-Ready Oando
With this strong financial performance, Oando not only meets all regulatory requirements but also reinforces its strategic ambition to become Africa’s first international oil company (IOC). By leveraging its strong operational capabilities, expansion initiatives, and strategic partnerships, Oando remains committed to delivering sustained value to investors, stakeholders, and the broader energy sector.
As 2025 unfolds, Oando stands at the forefront of Africa’s energy transformation, prepared to scale new heights in production, profitability, and sustainable energy leadership.
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