LE BRIEF

Nigeria: Oando raises production by 14% and returns to operating profit over nine months

LE BRIEF • 2026-11-03

Average production reaches 42,985 barrels of oil equivalent per day and revenue approximately 2.78 trillion naira. Facility availability improves, while future production ambitions remain forecasts.

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LE BRIEF — Tuesday, 3 November 2026, final consolidated edition By the LE BRIEF newsroom Country or region : Nigeria Source publication : 30 October 2026 for the results; follow-up coverage on 2 November Event : Unaudited January–September 2026 results Supplied photograph: personnel wearing the Oando brand working at a facility. Illustration of the group's activities; the site and date are unverified. Provenance and reproduction rights must be validated before commercial use. Nigerian oil group Oando Plc increased production and improved operational performance in the first nine months of 2026. The company published its unaudited results on 30 October, followed by coverage on 2 November. Average daily production reached 42,985 barrels of oil equivalent, against 37,614 in the corresponding 2025 period, a 14% increase. Revenue amounted to approximately 2.78 trillion naira, up 9%. A return to operating profit The group recorded operating profit of 159.7 billion naira, compared with an operating loss of 109.7 billion a year earlier. The turnaround should not be confused with an increase in every indicator: the statement also reports lower net profit than in the comparable period. Production facility availability improved to 96.1%, against 85% previously. This accompanies a 22% reduction in production costs to an estimated $15.39 per barrel of oil equivalent. Oando is pursuing a s...