Oando grows 2024 full-year profit by 9% to N65.5bn

Oando PLC, Africa’s leading integrated energy company, has announced its full year (FY) 2024 results, showcasing a strong financial performance with a 45% growth in revenue to N4.1 trillion compared to N2.9 trillion in FY 2023.
The company’s profit-after-tax (PAT) for the year stood at N65.5 billion, representing a 9% increase from the previous year.
This impressive performance is a testament to Oando’s resilient business model and strategic acquisitions, particularly the successful integration of NAOC Ltd.
Speaking on the results, Group Chief Executive, Oando PLC, Wale Tinubu, commented, “2024 was a transformative year for Oando, marked by significant milestones, including the acquisition and integration of NAOC Ltd.
“This strategic move enhanced our production capacity, achieving peak operated production of 103,206 boepd and net entitlements of 45,000 boepd.”
Oando’s production for the twelve months ended December 31, 2024, averaged 23,911 barrels of oil equivalent per day (boe/d), an increase from the 23,258 boe/d achieved in 2023.
The growth was primarily driven by the acquisition of an additional 20% stake in the NAOC JV in Q4, partially offset by production disruptions due to shut-in wells resulting from sabotage activities.
The company incurred $18.1 million on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $52.3 million in the twelve months to December 31, 2023.
Looking ahead to 2025, Tinubu stated, “Our priority shall be to drive cost optimization, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations.
“We will also intensify efforts to boost production through rig-less and workover initiatives, while executing an aggressive drilling program.”
Oando’s optimistic outlook for 2025 is bolstered by positive oil demand predictions.
The U.S. Energy Information Administration’s (EIA) global oil demand predictions forecast global demand to grow by 1.3 million barrels per day (bpd) in 2025, a significant increase from the estimated growth of 0.9 million b/d in 2024.
With this announcement, Oando enters 2025 on a strong foundation, having successfully met all regulatory requirements.
The company is poised to build on the momentum of a successful 2024, committed to its strategic vision of becoming Africa’s first international oil company (IOC) by leveraging its strong operational capabilities and strategic partnerships to deliver value to its stakeholders.