Oando

What Oando does

Oando PLC is one of Africa's largest integrated energy solutions providers, headquartered in Lagos, Nigeria, and listed on the Nigerian Exchange (NGX:OAO) and Johannesburg Stock Exchange. The company's core business is upstream oil and gas exploration and production in Nigeria, conducted through subsidiaries including Oando Energy Resources and joint venture interests acquired from the $783 million purchase of Nigerian Agip Oil Company (NAOC) from Eni in August 2024. Following that transaction, Oando's reserves base nearly doubled to approximately 1 billion barrels and production averaged 32,482 boepd in FY 2025 (up 32% year-on-year), with management targeting 60,000 boe/d.

The company operates three primary subsidiaries: Oando Energy Resources (upstream production), Oando Trading (crude oil and refined product trading, including a Dubai-based desk), and Oando Clean Energy Limited (renewable energy and sustainability initiatives). Revenue is generated through production and sale of crude oil, natural gas, and natural gas liquids sold to international refiners and traders, alongside domestic gas supply to independent power producers such as the 60MW IPP in Bayelsa State. The Oando Foundation, established in 2011, is the corporate social responsibility vehicle focused on education and has reached over 1 million beneficiaries across 324 schools in 24 Nigerian states.

In FY 2025, Oando reported revenue of ₦3.21 trillion (~$2.1 billion), down 21% year-on-year due to a deliberate mix shift away from low-margin refined-product trading toward higher-margin crude and gas transactions; profit after tax nonetheless rose 10% to ₦241.3 billion (~$158M). The company's strategic priorities include executing the 36-well drilling programme to scale production toward 100,000 boe/d, developing the Block KON-13 asset in Angola (first operated international project signed March 2026), and pursuing a $750 million capital raise to fund drilling of assets acquired from departing international oil majors.

Name

Oando

Legal name

Oando PLC

Website

https://oandoplc.com

Company type

Public

Founded year

1971

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Oando PLC is a Nigerian integrated energy company and the country's leading indigenous upstream operator, producing oil and gas from assets in Nigeria and Angola. Following its $783 million acquisition of NAOC from Eni, it holds ~1 billion barrels of reserves and produces 32,482 boepd, serving international refiners, traders, and domestic power producers.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas

NAICS

Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

akta.pro secondary industry

Renewable Energy Asset O&M (Wind, Solar, Hydro, Geothermal) (EUAEAGAB)

Keywords

• Upstream oil gas
• Crude oil production
• Natural gas supply
• Energy trading
• Clean energy solutions

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Upstream Oil & Gas Production: Oando generates revenue through production and sale of crude oil, natural gas, and natural gas liquids (NGLs) from its upstream assets in Nigeria. Following the NAOC acquisition, production increased 32% year-on-year to 32,482 boepd in 2025, with crude oil production at 11,269 bopd and significant gas output.
2. Crude Oil and Gas Trading: Oando trades crude oil and gas in the domestic and international markets. The company intentionally scaled back lower-margin refined-product trading in 2025 in favor of higher-margin crude and gas trading opportunities, contributing to a revenue decline from N4.08 trillion to N3.21 trillion as volume shifted to higher-value transactions.
3. Gas Supply to Power Plants: Oando's upstream joint venture supplies gas to independent power plants, including an 11.2 million standard cubic feet per day supply agreement to a 60MW IPP in Bayelsa State, providing stable long-term revenue from domestic gas sales.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels11 records

Core offering

Oando PLC is an integrated energy solutions provider that operates upstream oil and gas exploration, development, and production assets, primarily in Nigeria through Oando Energy Resources and the NAOC joint venture acquired from Eni in 2024. The company also trades crude oil, natural gas, and refined products through Oando Trading, and operates a clean energy subsidiary (Oando Clean Energy Limited) focused on renewable solutions including solar, electric vehicles, and waste-to-energy. FY 2025 production averaged 32,482 boepd, supported by a reserves base of approximately 1 billion barrels of oil equivalent after the NAOC acquisition.

Product overview

Oando PLC operates as an integrated energy solutions provider with a multi-brand portfolio spanning upstream oil and gas (Oando Energy Resources), trading and supply (Oando Trading), and clean energy (Oando Clean Energy). The company's core business centers on hydrocarbon exploration and production through its Nigerian operations and the acquired NAOC assets, supplemented by trading activities and sustainability initiatives through its Foundation and clean energy subsidiary. The portfolio is organized around operational subsidiaries that serve distinct segments of the energy value chain.

Differentiator

Problem solved

Functional benefit

Brands

• Oando Energy Resources: Subsidiary focused on upstream oil and gas operations
• Oando Trading
• Oando Clean Energy
• Oando Foundation
• TAP (TAP to Reach All)

Products and services

• Upstream Oil and Gas Production (Oando Energy Resources) Exploration, development, and production of crude oil, natural gas, and natural gas liquids from Oando's operated and joint-venture upstream assets in Nigeria, including the NAOC JV. Customers are refiners, power producers, and trading counterparties.
• Crude Oil and Gas Trading (Oando Trading) Trading and supply of crude oil, natural gas, and refined products across domestic and international markets, managing offtake logistics, pricing, and counterparty exposure for the group.
• Clean Energy Solutions (Oando Clean Energy Limited) Renewable energy and sustainability solutions including solar power, electric mobility, waste-to-energy, and biodegradable technology consulting, offered to commercial customers and via government partnerships.
• Gas Supply to Power Producers (NEPL/Oando JV) Long-term natural gas supply to independent power producers and industrial customers, delivered via JV-operated tie-in infrastructure and gas processing facilities.

Quantifiable outcome

• Production capacity increased from 20,000 to 60,000 boe/d target through NAOC acquisition
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered minor and core.

• Nigeria Climate Innovation Centre (NCIC)minorStrategic or Co-development Partner · 7 May 2026Oando Foundation partnered with the Nigeria Climate Innovation Centre to implement the Green Youth Upskilling Programme (GYUP), a nine-month initiative training young Nigerians aged 18-35 in green economy sectors including renewable energy, waste management, and sustainable mobility including electric vehicle maintenance. The inaugural cohort graduated 25 participants who received N20 million in seed funding.
• Federal Ministry of Education (Nigeria)minorStrategic or Co-development Partner · 21 April 2026Oando Foundation participated in a high-level private sector roundtable convened by the Federal Ministry of Education, supported by the Global Partnership for Education (GPE), aimed at strengthening private-sector engagement in Nigeria's education priorities. Oando Foundation was appointed to a formal public-private working group and leads the Education Cluster within the Private Sector Advisory Group Nigeria (PSAG).
• NNPC E&P Limited (NEPL)coreStrategic or Co-development Partner · 16 April 2026Oando's upstream joint venture with NNPC E&P Limited is the sole gas supplier to a newly commissioned 60MW Independent Power Plant in Yenagoa, Bayelsa State. The JV was responsible for FEED and DED engineering design for tie-in connection infrastructure and provided technical support during commissioning and gas introduction phases, supplying 11.2 million standard cubic feet of gas per day.
• Federal Ministry of Environment (Nigeria)minorStrategic or Co-development Partner · 31 March 2026Oando Clean Energy Limited (OCEL), a subsidiary of Oando Plc, partnered with Nigeria's Federal Ministry of Environment to hold a workshop on biodegradable technology solutions for single-use plastics. The workshop brought together government agencies and industry stakeholders to address plastic pollution and explore scalable, science-driven interventions.
• Eni (Italian energy company)minorOthers · 22 August 2024Eni divested its Nigerian Agip Oil Company (NAOC) subsidiary to Oando for $783 million, transferring a 20% interest in a joint venture with significant oil and gas assets including remaining reserves of 1.2 billion barrels of oil and 10.7 trillion cubic feet of natural gas. This transaction represented one of the significant upstream oil and gas deals in Africa.

Scale indicators17 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• ND Western Limited: Nigerian indigenous upstream operator focused on shallow offshore and onshore production in the Niger Delta. Comparable to Oando in indigenous positioning, JV structures, and focus on increasing production from mature assets.
• Tullow Oil plc: Africa-focused independent upstream oil and gas producer with operations in Ghana, Côte d'Ivoire, and Uganda. Comparable to Oando as an Africa-focused E&P operator pursuing production growth and asset acquisitions in frontier and mature African basins.
• First Exploration & Petroleum Development Co. (First E&P): Indigenous Nigerian upstream operator with operated assets in the Niger Delta. Closely comparable to Oando as a privately-held Nigerian indigenous E&P player pursuing production growth and asset consolidation in the same basins.
• Seplat Energy plc: Nigeria's leading indigenous upstream oil and gas producer, dual-listed on the NGX and London Stock Exchange. Directly comparable to Oando in business model, indigenous-operator positioning, JV partnerships with NNPC, and target of acquiring divested IOC assets in Nigeria.
• Aiteo Group: Nigerian integrated energy company operating upstream assets including the Nembe Creek Trunk Line. Directly comparable as a Nigerian indigenous operator with upstream production, midstream pipeline assets, and a trading footprint similar to Oando's portfolio.
• Sahara Group Limited: Nigerian integrated energy company with operations spanning upstream, midstream, power, and trading. Directly comparable to Oando's integrated structure including Oando Trading and the gas-to-power supply model, both serving West African energy markets.
• Orca Exploration Group Inc. Independent upstream operator with producing gas assets in Tanzania, focused on offshore East Africa. Comparable to Oando as a publicly-listed African indigenous-style E&P operator pursuing production growth and reserve development in regional African markets.

Broad incumbents

• Eni S.p.A. Italian international major that divested NAOC to Oando for $783M. Directly comparable in upstream oil and gas operations in Nigeria and Angola, and a legacy JV partner in Oando's NAOC joint venture — making Eni both a peer and a key counterparty.
• TotalEnergies SE: International major with significant Nigerian upstream operations undergoing divestment. Comparable as an IOC active in the same basins, with a competing but parallel upstream portfolio — and as a potential source of future divestment opportunities for Oando.
• NNPC Limited: Nigeria's national oil company and JV partner with Oando through NNPC E&P Limited and NAOC JV. Comparable as the dominant upstream operator in Nigeria, while also being a direct counterparty in Oando's key joint ventures, shaping the regulatory and commercial framework in which Oando operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/oando_plc
• YouTubeyoutube.com/channel/UCSU-7Egh9TWufwgfVEl9x2w
• Facebookfacebook.com/oandoplc
• LinkedInlinkedin.com/company/oando-plc
• Instagraminstagram.com/oando_plc

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds5 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oando