Oando has announced a 44% rise in revenue and a 267% jump in profit after tax for FY 2024 following its landmark NAOC acquisition.
Oando PLC recorded a strong FY 2024 performance, posting a 44% revenue increase to N4.1 trillion and a 267% rise in profit after tax, following its acquisition of Nigerian Agip Oil Company (NAOC). The deal doubled Oando’s working interest in key assets and boosted 2P reserves by 95% to 983 MMboe.
“2024 was a defining year for Oando,” said Group Chief Executive Wale Tinubu. “The successful acquisition and integration of NAOC marked the culmination of a decade-long strategic growth journey.”
Despite a 37% drop in crude trading volumes and a 64% fall in refined product sales, upstream production rose 3% to 23,727 boepd, supported by 86% operational uptime.
Oando’s clean energy efforts also advanced, transporting over 205,000 passengers via its electric mass transit program and displacing 163,546 kg of CO₂.
Looking ahead, the company set a 2025 production target of 30,000–40,000 boepd and reaffirmed ambitions to reach 100,000 bopd and 1.5 Tcf gas by 2029.