- Oando incurred $18.1 million in capital expenditures related to the development of oil and gas assets, as well as exploration and evaluation activities
- Oando reported an average production of 23,911 barrels of oil equivalent per day (boe/d) for the twelve months ending December 31, 2024.
Oando PLC, a leading integrated energy company in Africa, has announced impressive financial results for the Full Year (FY) 2024.
Eko Hot Blog gathered that with a 45% growth in revenue, the company reported a total of N4.1 trillion compared to N2.9 trillion in FY 2023. Oando’s profit-after-tax (PAT) also saw a 9% increase, reaching N65.5 billion.
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The company attributes this robust financial performance to its resilient business model and strategic acquisitions, particularly the successful integration of NAOC Ltd.
Speaking on the results, Group Chief Executive, Oando PLC, Wale Tinubu, commented, “2024 was a transformative year for Oando, marked by significant milestones, including the acquisition and integration of NAOC Ltd.
“This strategic move enhanced our production capacity, achieving peak operated production of 103,206 boepd and net entitlements of 45,000 boepd.”
Oando reported an average production of 23,911 barrels of oil equivalent per day (boe/d) for the twelve months ending December 31, 2024.
This figure represents an increase from the 23,258 boe/d achieved in 2023. The growth in production can be attributed to Oando’s strategic acquisition of an additional 20% stake in the NAOC JV in Q4 2024.
However, the company’s production was partially offset by disruptions resulting from shut-in wells due to sabotage activities.
Oando incurred $18.1 million in capital expenditures related to the development of oil and gas assets, as well as exploration and evaluation activities.
This represents a decrease compared to the $52.3 million spent in the twelve months leading up to December 31, 2023.
Looking ahead to 2025, Tinubu stated, “Our priority shall be to drive cost optimization, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations.
“We will also intensify efforts to boost production through rig-less and workover initiatives, while executing an aggressive drilling program.”
Oando’s optimistic outlook for 2025 is bolstered by positive oil demand predictions.
The U.S. Energy Information Administration’s (EIA) global oil demand predictions forecast global demand to grow by 1.3 million barrels per day (bpd) in 2025, a significant increase from the estimated growth of 0.9 million b/d in 2024.
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With this announcement, Oando enters 2025 on a strong foundation, having successfully met all regulatory requirements.
The company is poised to build on the momentum of a successful 2024, committed to its strategic vision of becoming Africa’s first international oil company (IOC) by leveraging its strong operational capabilities and strategic partnerships to deliver value to it’s stakeholders.
