Oanda's profit declines in first half but firm achieves 63% production growth

OANDO, Nigeria's leading indigenous energy group listed on both the Nigerian Exchange and JSE, in its unaudited results for the six months ended June 30, 2025, said gross profit fell by 28% to N59 billion (R7 billion) reflecting both a topline contraction and changing segment mix.

- PHILIPPA LARKIN

However, the company’s upstream business recorded strong production performance with a 63% year-on-year growth averaging 37 012 boepd (Barrels of Oil Equivalent per Day) in the first half of 2025.

This includes crude oil production up 77% to 10 479 bopd, gas volumes up 54% to 25 399 boepd, and NGL production up 375% to 1 135 bpd. The company attributes this performance to the consolidation of the Nigerian Agip Oil Company (NAOC) JV interest and improved uptime across key assets.

The Group reported revenue of N1.72 trillion, representing a 15% decline driven by lower trading activity and weaker realised prices, despite stronger upstream contributions.