Oando Plc’s Group Chief Executive, Wale Tinubu, announced that the company’s newly implemented production-enhancing strategies have begun to pay off, as seen in Oando’s robust half-year results for 2024. The indigenous oil company reported a profit of N62.6 billion, with revenue surging by 51% to N2 trillion from N1.3 trillion in the first half of 2023. This growth was driven by exchange rate gains and increased crude oil volumes, though it was partially offset by lower trading volumes and reduced sales of natural gas and Natural Gas Liquids (NGL).

Tinubu acknowledged the challenges the company faced, particularly due to ongoing sabotage and theft in the Niger Delta, which frequently disrupted production. “Despite persistent challenges, we delivered a Profit After Tax of N62.6 billion,” he said. He attributed this resilience to Oando’s production-enhancing initiatives, which he said boosted output by 36% within the first 30 days following Oando’s recent acquisition of Nigerian Agip Oil Company (NAOC).

The acquisition of NAOC, completed on August 22, 2024, marks a significant milestone for Oando. With this transaction, the company aims to secure a larger share of reserves and enhance production capacity, leveraging the departure of international oil companies to gain operational control.

Oando described the acquisition as a strategic step in its long-term growth, building on its previous purchase of ConocoPhillips’ Nigerian assets in 2014.