Oando full year revenue hits N4.1 trillion
Oando PLC Wednesday released its Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023. In the upstream, Oando’s production witnessed a 3% increase to 23,727 boepd; made up of crude oil production which increased by 27% to 7,558 bopd, while NGL (natural […]
Oando PLC Wednesday released its Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023.
In the upstream, Oando’s production witnessed a 3% increase to 23,727 boepd; made up of crude oil production which increased by 27% to 7,558 bopd, while NGL (natural gas liquid) production and gas decreased respectively by 35% to 156 bpd, and 5% to 16,013 boepd.
The company’s 2P reserves grew 95% year-on-year to 983 MMboe (2023: 505 MMboe), representing a 188% reserves replacement ratio and underscoring the strength of the company’s upstream portfolio post-acquisition.
The company also reported a sustained operational uptime of 86%, supporting off-take reliability and reducing deferred production.
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In the downstream, Oando’s trading subsidiary was reported to have sold 20.7 million barrels of crude oil in 2024; a 37% decline from 2023 due to structural changes in the Nigerian oil market.
Additionally, refined product volumes declined by 64% to just over 599 kMT, attributed to weakened domestic demand, driven by the challenging macroeconomic in-country.
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% to 40%, as well as our 2P reserves from 500 million barrels of oil equivalent to 1 billion barrels.”
In a statement the company said it continued to advance its clean energy agenda recording measurable progress across multiple verticals.
By the end of 2024 the electric mass transit programme had covered 121,145 km, transported over 205,000 passengers, displacing 163,546 kg of CO₂ emissions and saving more than 60,000 litres of diesel.
Other notable achievements include signing MoUs for wind projects with Cross River and Edo State as well as launching a geothermal feasibility study in collaboration with NNPC, exploring the conversion of mature wells to renewable power assets.