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Oando Posts N204.8bn PAT

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Africa’s leading indigenous energy solutions provider, listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange, Oando Plc, has announced its audited results for the financial year ended 31 December 2025.

According to the results, it delivered a 32 percent increase with an average daily production to 32,482 barrels of oil equivalent per day and a Profit After Tax (PAT) of N204.8bn.

In a regulatory filing on Monday, the company said that in the 2025 financial year, marked a transition year for the group, with the first full-year contribution from the Nigerian Agip Oil Company Joint Venture assets and a shift from acquisition-led growth to operational execution and balance sheet optimisation.

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On the results, the Group Chief Executive, Oando Plc, Wale Tinubu, said, “FY 2025 marked our first full year of operational execution following the acquisition of the NAOC Joint Venture assets and represents an important milestone in Oando’s evolution. Having successfully completed the integration phase, our focus shifted to operatorship, operational excellence, and value realisation across the enlarged portfolio.

“During the year, we strengthened asset integrity, enhanced security across our operating areas, and improved uptime, resulting in a 32 per cent year-on-year increase in production to 32,482 boepd net to Oando.

“This performance was driven by stronger output across crude oil, gas, and NGLs, improved operational reliability, and the successful stabilisation of our expanded asset base.”

Supporting this performance, the group generated N258.3bn in cash from operations and closed the year with N422.9bn in cash and cash equivalents, up 172 per cent from 2024, while strengthening financial flexibility through the upsizing of its $375m Reserve-Based Lending facility.

Operationally, crude trading volumes increased 24 per cent to 25.7m barrels, crude oil production rose 36 per cent, gas production increased 24 per cent, and Natural Gas Liquids production surged 715 per cent following upgrades to gas processing infrastructure.

The company also successfully completed and brought onstream the Obiafu-44 gas-condensate well, its first operated development well following the assumption of operatorship, while maintaining zero fatalities, zero Lost-Time Injuries, and a Total Recordable Incident Rate of 0.05.

The group’s upstream performance was driven by improved facility uptime, enhanced flow assurance, the restoration of previously shut-in wells, and targeted infrastructure upgrades across its operated assets. In addition to higher crude oil and gas production, the successful revamp of the NGL processing plant increased recovery efficiency and drove a 715 per cent increase in NGL production. The completion and start-up of the Obiafu-44 gas-condensate well further demonstrated Oando’s ability to safely execute complex development programmes following the assumption of operatorship.

The trading division increased crude trading volumes by 24 per cent to 25.7m barrels despite changing domestic market dynamics. The business continued to optimise its portfolio by reducing exposure to premium motor spirit imports and increasing participation in higher-margin crude and gas trading opportunities, strengthening commercial resilience while enhancing integration with the group’s upstream operations.

Oando’s FY2025 performance comes at a defining moment for Nigeria’s indigenous upstream sector, as local energy companies continue to demonstrate their ability to successfully acquire, integrate, and optimise assets divested by international oil companies.

In FY2025, Seplat Energy reported revenue of $2.726bn (N4.135tn) and average production of 131,506 boepd, reflecting the first full-year contribution from its Mobil Producing Nigeria Unlimited acquisition, while Aradel Holdings grew revenue 20 per cent to N699.4bn, supported by its increased interest in ND Western and Renaissance Africa Energy Company.

Together with Oando’s strong FY2025 performance following the first full-year contribution from the NAOC JV assets, these results underscore a new era for Nigeria’s energy industry, one in which indigenous operators are not only acquiring world-class assets but successfully creating long-term value from them.

Speaking on the company’s outlook, Tinubu added, “With operational control firmly embedded, a strong reserves base, and improving financial flexibility, we are well-positioned to build on the momentum achieved in 2025 and enter 2026 from a position of strength. Our focus remains on executing our development programme, growing production, strengthening cash generation, prudent capital allocation, and delivering sustainable long-term value for our shareholders.”

Oando expects production to increase to between 40,000 and 50,000 boepd in 2026, supported by a focused development programme across OMLs 60–63, continued production optimisation, and planned capital expenditure of $90m to $100m.

The trading division is expected to increase crude trading volumes to between 30m and 35m barrels while the company advances its clean energy initiatives, including the deployment of additional electric buses and the expansion of its recycling and gas-to-power projects.

This outlook aligns with broader industry trends. The International Energy Agency (IEA) projects continued resilience in global investment across natural gas and upstream energy infrastructure as countries prioritise energy security and diversify supply.

Backed by an expanded upstream portfolio, strengthened financial flexibility, and a disciplined execution strategy, Oando remains well positioned to accelerate growth, unlock greater value across its integrated energy business, and advance its ambition of building Africa’s leading integrated energy company.

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Shell Shares Nigeria Story in Exhibition at NOG 2026

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Visitors to the exhibition booth of Shell Companies in Nigeria at the Nigeria Oil and Gas (NOG) Energy Week Conference and Exhibition in Abuja were afforded the chance of hearing details of the footprints of the company in the country, ranging from deepwater and integrated gas to renewables and power.

The ongoing 2026 NOG is with the theme: “Advancing Energy Ambitions for Competitive and Resilient Economies.”

Shell is a key sponsor of the conference which is in its 25th year and is marking its participation with the exhibition, tracing its presence in Nigeria more than six decades ago and highlighting how its wide-ranging businesses have positively impacted Nigeria’s foreign earnings, contributed to the development of indigenous manpower and companies and improved lives and communities.

ALSO READ: FG Preaches Support for Dangote Industrial City, Deep Seaport in Ogun, Ondo States

Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri visited the Shell stand on Tuesday accompanied by the Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, and other dignitaries.

They were conducted round by Business Value Manager Chidi Nkazi who briefly commented on the Shell businesses and interests in Nigeria, including Shell Nigeria Exploration and Production Company Limited (SNEPCo), Shell Nigeria Gas, All On and Daystar Power. The $3 billion contract finance facility SNEPCo signed with nine leading Nigerian banks just last week was cited as a good example of efforts by Nigeria’s premier deepwater producer to improve the capacity of indigenous contractors and service providers in the oil and gas industry.

In response to inquiries, Chidi said SNEPCo was making good progress with the implementation of Bonga North and HI projects on which FIDS were taken in December 2024 and October last year respectively.

Chidi said: “The Shell Nigeria story goes beyond what is displayed at this exhibition stand and manifests daily in the funds we generate which finance development and in the lives we positively impact through our social interventions. Working in close collaboration with the Nigerian National Petroleum Corporation Limited, other partners and stakeholders, we will continue to power progress and support Nigeria’s development.”

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FG Preaches Support for Dangote Industrial City, Deep Seaport in Ogun, Ondo States

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The Federal Government has called on host communities in Ogun and Ondo States to give maximum support to the proposed Dangote Industrial City and Deep Seaport project.

The Minister of Environment, Balarabe Lawal, represented by the Director of Assessment at the Federal Ministry of Environment, Rofikat Adebukunola Odetoro at the combined Environmental and Social Impact Assessment (ESIA) site visit, commended the Dangote Industries Limited (DIL) for its commitment to environmental sustainability and inclusive stakeholder engagement.

He described the investments as a transformative initiative that will create opportunities for economic growth and community development.

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Speaking during the three-day assessment tour across Ode-Omi Waterside Community in Ogun State and Araromi Community in Ondo State, Lawal expressed satisfaction with the level of community consultations and groundwork undertaken to ensure the project aligns with environmental regulations and the interests of host communities.

He stressed the need for inclusive dialogue, urging traditional rulers and community leaders not to overlook women and children during consultations. “I urge you to factor women into every engagement. Women and children are as important as every other member of the community and they have unique needs that must not be ignored. Please give this project every support possible. It presents enormous opportunities for youths, women, and children to benefit from employment and the mandatory corporate social responsibility initiatives that will accompany it.”

Speaking during the community engagement at Araromi Seaside Kingdom, Managing Director, Infrastructure and Logistics, Dangote Industries Limited, Capt. Jamil Abubakar assured the indigenes of transparency, fairness, and continuous engagement throughout the project’s implementation.

According to him, the President of Dangote Industries Limited, Aliko Dangote, is committed to ensuring Africa becomes more self-sufficient through strategic infrastructure investments.

“Our President is committed to positioning Africa for greater self-sufficiency, and Araromi has been chosen as the location where one of the world’s biggest deep seaports will be built. We are excited about the prospects of this project. We are here to listen to the community’s concerns and work together to achieve a win-win outcome for every stakeholder involved,” he said.

Abubakar further disclosed that Aliko Dangote had directed the project team to carry out a comprehensive needs assessment of the host communities and provide critical interventions regardless of the project’s stage of development.

Presenting the Environmental and Social Impact Assessment, Group Lead, Environment and Sustainability, Dangote Industries Limited, Dr. Adeyemi Adun, said the study was designed to establish the current environmental and socio-economic baseline of the host communities before project execution. He explained that the assessment would evaluate the quality of air, water and soil, as well as the socio-economic conditions of residents, in line with Federal Ministry of Environment guidelines.

“This phase of the project is intended to establish the current status of the community in terms of air quality, water resources, soil conditions, and socio-economic indicators, as required by the Federal Ministry of Environment. We also assure you that this project will have a positive impact on your communities, just as Dangote Industries has done in other host communities across the country”, Adun added.

A representative of the Ondo State Commissioner for Environment and Director of the Environmental Assessment Department, Isaac Ojo, welcomed the commencement of the assessment process, describing it as inclusive and beneficial to all stakeholders.

“We are delighted that this process has begun and that it accommodates every stakeholder. We are confident the project will benefit the communities, and we encourage everyone to give the Dangote team the maximum support required for its success”, Ojo said.

The Alara of Araromi Seaside Kingdom, Oba Adeoloye Olawole, also expressed strong support for the project, describing Aliko Dangote as “a genius” whose investments would accelerate the development of the kingdom. “We are counting on Aliko Dangote to help develop our kingdom. He is a genius, and we are ready to provide every support necessary to ensure the success of this project. We have always maintained that our community is peaceful, cooperative, and committed to progress. We want him to help develop our land as he doing all over Africa,” the monarch added.

The assessment tour brought together officials of the Federal Ministry of Environment, representatives of Ogun and Ondo State Ministries of Environment, local government officials, traditional rulers, faith-based leaders, community representatives, and officials of Dangote Industries Limited. Stakeholders held extensive discussions on their respective roles in ensuring the successful delivery of what is projected to become Africa’s largest deep seaport.

Communiques were drafted and signed by stakeholders at the end of each engagement at Ode Omi and Araromi, which drew hundreds of indigenes from across the surrounding communities. Consultants have also mobilised to the project site for the ESIA sample surveys.

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NCDMB to Audit Oil & Gas Firms, Eliminate ‘Briefcase’ Contractors

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The Nigerian Content Development and Monitoring Board (NCDMB) says it will commence a joint industry-wide audit of in-country manufacturing and service capacities in the third quarter of 2026.

The move, according to the agency, is designed to eliminate intermediaries from Nigeria’s oil and gas contracting process and channel business directly to qualified local companies.

Executive Secretary of the NCDMB, Felix Ogbe, announced the initiative on Monday at the 25th Nigeria Oil and Gas (NOG) Energy Week in Abuja.

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Ogbe said the audit is part of a harmonised industry framework jointly developed over the past year by the NCDMB, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company Limited (NNPC Ltd), the National Petroleum Investment Management Services (NIPEX), and the Oil Producers Trade Section (OPTS).

According to him, the participating organisations have agreed to modify their certification portals ahead of the exercise, which will establish a unified assessment of the capabilities of Nigerian manufacturers and service providers operating in the oil and gas industry.

“The outcome of the in-country capacity audit will provide a detailed understanding of existing capabilities, eliminate intermediaries, improve contracting cycle timelines, and ensure direct patronage of established service providers for business sustainability and growth,” Ogbe said.

He explained that the audit would also provide regulators and industry operators with credible data to guide investment decisions, technology partnerships, financing support and future policy interventions.

Ogbe disclosed that while the audit would help identify companies capable of participating in seven major deepwater projects expected in the industry, it would also support smaller indigenous firms through a new five-tier classification framework.

Under the framework, companies categorised as “Emerging Players” and “Essential Vendors” will benefit from a structured vendor development programme aimed at transforming them into manufacturers and original equipment manufacturers (OEMs).

The programme, he said, will identify high-potential local vendors, assess their readiness for manufacturing, facilitate technical partnerships, improve access to financing and connect them with guaranteed market opportunities.

Ogbe noted that the next phase of Nigeria’s local content policy must move beyond compliance to focus on industrialisation, manufacturing and globally competitive Nigerian companies.

He added that although Nigerian content has grown from less than five per cent before the enactment of the Nigerian Oil and Gas Industry Content Development Act in 2010 to 61 per cent today.

The NCDMB boss maintained that sustaining that growth requires stronger collaboration across regulators, operators, financiers and manufacturers as well as reliable patronage for existing local capacities.

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