Oando Plc has recorded a 20 per cent increase in revenue to N2.1 trillion for the half-year ended June 30, driven by higher crude oil production, improved operational efficiency and cost optimisation.
The company disclosed this in its unaudited financial results released on Tuesday in Lagos.
It also reported an eight per cent increase in profit after tax to N68.6 billion, while gross profit surged by 331 per cent to N101 billion during the review period.
The company’s average daily production rose by 16 per cent to 42,789 barrels of oil equivalent per day (boepd), from 36,836 boepd recorded in the corresponding period of 2025.
Production growth comprised a 19 per cent increase in crude oil output to 12,358 barrels per day, a 14 per cent rise in gas production to 28,497 boepd and a 16 per cent increase in natural gas liquids production to 1,935 boepd.
Oando attributed the improved performance to the successful drilling of new wells, restoration of 12 previously shut-in wells and improved facility uptime across Oil Mining Leases (OMLs) 60 to 63.
The company said facility uptime improved to 92 per cent in the first half of 2026 from 85 per cent in the corresponding period of 2025.
It added that production operating costs declined by 18 per cent to 16.83 dollars per barrel of oil equivalent during the review period.
The Group Chief Executive Officer of Oando Plc, Mr Wale Tinubu, said the company’s performance reflected the successful integration of its expanded upstream portfolio.