Oando Plc has reported a 8% increase in profit after tax to N68.6 billion for the half-year period ended June 30, 2026, compared to N63.3 billion in the same period last year. Revenue rose 20% to N2.1 trillion, driven by growth in the exploration and production segment and higher product prices.

Operational efficiency gains led to a 16% year-on-year increase in average production to 42,789 barrels of oil equivalent per day, alongside an 18% reduction in production operating costs. The company significantly strengthened its liquidity position, reporting closing cash and cash equivalents of N544.9 billion. Management confirmed that it remains focused on a drilling program targeting a production capacity of 50,000 barrels per day by the end of 2026.