Lagos-based Oando Plc, led by Nigerian energy mogul Wale Tinubu, is nearing $6 billion in total assets after reporting higher revenue, stronger operating profit, and a sharp improvement in cash generation in the first half of 2026.

The integrated energy company’s total assets rose to N7.89 trillion ($5.84 billion) as of June 30, from N7.44 trillion ($5.5 billion) at the end of 2025, according to its interim results. That puts Oando within reach of the $6 billion mark as the company continues to expand its upstream business and invest in its wider energy portfolio.

Cash and cash equivalents increased to N544.9 billion ($403.8 million) from N439.9 billion ($326 million) over the same period. Retained losses also narrowed sharply, falling to N17.72 billion ($13.1 million) from N88.5 billion ($65.6 million).

Oando’s revenue rises 20 percent to N2.06 trillion

The stronger balance sheet came alongside an improvement in earnings. Oando reported first-half profit after tax of N68.6 billion, up 8 percent from N63.3 billion a year earlier. Revenue climbed 20 percent to N2.06 trillion from N1.72 trillion in the first half of 2025. The increase in revenue was supported by higher crude and gas proceeds, as well as stronger trading activity. Crude revenue rose 23 percent to N245.8 billion, while gas revenue increased 40 percent.

Trading revenue rose 18 percent to N1.72 trillion from N1.45 trillion a year earlier. The company also returned to an operating profit of N127.8 billion, compared with an operating loss of N158.7 billion in the same period of 2025. Gross profit jumped 331 percent helped by lower transport, logistics, service and information and communications technology costs. The improvement gives Oando more room to fund its upstream plans while strengthening its financial position.

Production also increased during the period. Average daily output rose 16 percent to 42,789 barrels of oil equivalent per day, helped by new development wells, the return of 12 previously shut-in wells and higher facility uptime, which reached 92 percent. Production operating costs fell 18 percent to $16.83 per barrel of oil equivalent across operated blocks OMLs 60-63 and non-operated assets. Operating cash flow also recovered, with Oando generating N179.5 billion during the period, compared with an outflow of N287.9 billion a year earlier.

Oando targets higher production

For Tinubu, the first-half results mark a test of Oando’s ability to extract more value from the larger upstream portfolio it has built over the past two years. “The first half of 2026 marks an important inflection point in Oando’s journey,” Tinubu, the company’s CEO, said. “Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio.”

He said the company’s immediate priorities include completing its seven-well drilling program and a portfolio-wide well intervention campaign while targeting production of about 50,000 barrels of oil equivalent per day in 2026. Oando also has a larger development program ahead. The company has identified 62 development wells and plans 55 well interventions as it works toward a medium-term production target of about 100,000 barrels of oil equivalent per day.

Tinubu said the company also plans to raise funds and restructure its balance sheet to improve working capital, strengthen its financial position and give the business more flexibility to finance its expansion. “We have built a resilient operating platform and established a clear roadmap for growth,” Tinubu said. “Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”

Wale Tinubu expands Oando’s oil portfolio

Under Wale Tinubu, Oando has expanded its interests across the upstream, midstream, and downstream parts of the energy industry. The company, which was rebranded from Unipetrol in 2003, has built a portfolio that includes pipelines, terminals and gas processing facilities. Through OODP, Tinubu holds a controlling 66.67 percent stake in Oando.

Its production averaged over 32,000 barrels per day in 2025. It now plans to drill as many as 100 wells across assets acquired from international oil companies, including ConocoPhillips and Eni. Tinubu has also pointed to changing global oil flows as a potential opportunity for Nigerian producers. Geopolitical tensions and disruptions in other producing regions have pushed buyers to seek alternative sources, while Nigerian crude shipments to Asia have increased.

Oando’s upstream portfolio now includes 14 assets across Nigeria and São Tomé and Príncipe, covering more than 22,000 square kilometers following its acquisition of the Nigerian Agip Oil Company assets. The company is also expanding beyond Nigeria. In March, Oando secured a production-sharing contract for Block KON 13 in Angola. The agreement with Angola’s National Agency for Petroleum, Gas and Biofuels gives Oando a 45 percent operating interest through its subsidiary, Oando Exploration and Production Angola Ltd.

Its partners on the block include Effimax Energy, Sonangol Exploração & Produção and Walcot Ltd. The project is Oando’s first operated international upstream joint venture. In April, the company said it planned to raise as much as $750 million in 2026 to finance an extensive drilling campaign that could increase production by as much as 300 percent, as investors show renewed interest in West African oil projects amid uncertainty over global supplies.

Oando develops new energy revenue sources

Oando’s expansion comes as Nigeria’s energy market is also changing. The ramp-up of the Dangote Refinery is reducing the country’s reliance on imported refined products while creating a larger domestic market for locally produced crude. For Oando, that shift puts greater emphasis on increasing upstream production while developing new sources of revenue outside Nigeria.

Its entry into Angola gives the company another producing market and reduces its reliance on a single country. The immediate target remains clear: complete the seven-well drilling program, carry out the planned well interventions and lift production toward 50,000 barrels of oil equivalent per day in 2026. Beyond that, Oando is working toward about 100,000 barrels of oil equivalent per day through its 62-well development program and 55 planned well interventions.

The company is also assessing new ways to use existing energy assets. Through Oando Energy Resources and other subsidiaries, it is pursuing a pilot project to generate electricity from abandoned oil wells using geothermal-style technology. The initiative forms part of Oando’s broader effort to expand its energy business while supporting Nigeria’s push to improve electricity supply and make better use of existing energy infrastructure.