…Cash pile swells
Oando Plc posted its strongest annual profit on record, as the first full year of production from the former Nigerian Agip Oil Company (NAOC) assets pushed output and cash generation sharply higher, giving Nigeria’s indigenous energy sector fresh evidence that it can wring value from fields abandoned by international majors.
The Lagos- and Johannesburg-listed producer said profit after tax climbed to N204.8 billion for the year ended December 31, a gain the company attributed to the integration of the NAOC joint venture it acquired in 2024.
Average daily production rose 32 percent to 32,482 barrels of oil equivalent, while cash from operations reached N258.3 billion. Oando closed the year with N422.9 billion in cash and equivalents, nearly triple
Having absorbed the Agip assets, one of the largest divestitures by an international oil major in Nigeria’s history, Oando shifted its focus in 2025 to running the fields itself, taking on operatorship duties it previously shared with its former partner.
