LAGOS, Nigeria, August 4, 2026/APO Group/ –Oando PLC (https://OandoPLC.com/), Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Ltd. and Johannesburg Stock Exchange, has published its unaudited results for the six months ended 30 June 2026. The Group posted a 20% revenue increase to ₦2.1 trillion, reflecting the results of the Company’s cost-optimisation initiatives, principally lower transport, logistics, service and ICT costs, alongside the benefit of higher production across a largely fixed field cost base. This stronger earnings performance is also reflected in the Company’s profit after tax, which rose 8% to ₦68.6 billion and gross profit, which rose 331% to ₦101 billion.

Oando’s upstream subsidiary reported a 92% facility uptime compared to 85% in 2025, resulting in a 16% increase in average production to 42,789 boepd from 36,836 boepd in H1 2025. This production number comprises crude oil production up by 19% to 12,358 bopd, gas volumes up 14% to 28,497 boepd, and NGL production up 16% to 1,935 boepd. The Company states these results were underpinned by a combination of factors: the successful drilling of new wells, the restoration of 12 previously shut-in wells, and sustained improvements in facility uptime across OMLs 60-63.

In its trading arm, the Group saw a 2.1% increase in trading volumes to 13.15 MMbbl. The Company attributed this increase to its crude oil marketing and offtake programmes and increased sourcing from marginal field producers and remains focused on expanding its broader crude oil marketing and trading portfolio in the other half of the year.

 

Group Chief Executive, Wale Tinubu CON, speaking on the half-year 2026 results, commented “The first half of 2026 marks an important inflection point in Oando’s journey. 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. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation.

 

Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92% while reducing production operating costs by 18% to US$16.83 per boe.”

 

“Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio. In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16% year-on-year growth.

 

This translated into a stronger financial performance, with revenue increasing by 20% to ₦2.1 trillion, while the business generated ₦179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8% to ₦68.6 billion, reflecting the overall improvement in operating performance during the period.” He added.

 

Similarly, another independent, Seplat Energy Plc, also reported a 4% increase in average production in H1 2026 to 139,509 boepd, while Aradel Holdings Plc reported a 523% increase to 139.5 kboepd.

 

In 2026, Oando embarked on an extensive drilling programme across both the operated and non-operated portfolio. With this already yielding results in H1 within OMLs 60–63, the Company hopes to complete its seven-well programme with planned drilling across its assets in Idu T, Samabri A and Ogbanbiri. This is to be complemented by a rig-less programme of approximately 100 well intervention activities planned across the portfolio for the full year. Together, these activities are expected to add production, sustain plateau and offset natural field decline across the portfolio.

 

Addressing the Company’s outlook, Mr Tinubu stated, “Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd. Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.

 

Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value

 

We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”

 

The Company reaffirms full-year production guidance of 40,000–50,000 boepd, supported by a seven-well drilling programme across OMLs 60–63, of which two wells have been completed, with two more in progress. The trading arm has revised its guidance to 22–26 MMbbls following adjustments to a crude oil marketing programme. The Company also continues to advance the Rights Issue and its US$1.5 billion multi-instrument issuance programme and the expansion of its clean energy initiatives.

ABIDJAN, Ivory Coast, August 4, 2026/APO Group/ –The Board of Directors of the African Development Fund (https://www.AfDB.org), the concessional window of the African Development Bank Group, has approved a grant of $4.23 million to implement the second phase of a project to integrate natural capital into development financing in Africa.

 

The project covers thirteen countries: Burundi, Cameroon, the Central African Republic, the Democratic Republic of the Congo, Ghana, Côte d’Ivoire, Kenya, Mozambique, Rwanda, Tanzania, Togo, Zambia, and Zimbabwe.

With in-kind contributions from partner institutions such as the World Wildlife Fund (WWF), the German public agency for international cooperation on sustainable development (GIZ), the African Union Development Agency—New Partnership for Africa’s Development, the Economic Commission for Africa and the United Nations Environment Programme, the project aims to foster an environment conducive to better utilization of natural capital and its integration into political and financial decision-making processes. The various participating countries will also play a part in contributions to the project/

The project is scheduled for implementation between October 2026 and September 2029 and is expected to generate outputs in the areas of policy, statistics, institutions, and knowledge that will contribute to better integration of natural capital into development planning.

The strategy aims to strengthen policy-making systems, statistical systems, institutional frameworks, and knowledge-generation mechanisms needed by the regional member countries participating in the project and the African Development Bank Group to assess natural capital and incorporate it into public policy-making.

The project will achieve this through an integrated set of measures, including policy support, technical assistance, assessments of statistical readiness, biodiversity financing tools, pilot projects to assess green wealth, capacity building, and peer learning.

“This project is intended to contribute to development that is resilient to the effects of climate change, nature-friendly, and inclusive, by enabling African countries to better identify, measure, and manage their natural wealth, while strengthening the evidence base that informs development financing, dialogue on sovereign policies, and the mobilization of green investments,” said Innocent Onah, Chief Natural Resources Officer at the African Development Bank Group.

He added: “In the long term, this could lead to tangible improvements in the development of the target countries in terms of gross domestic product (GDP) growth, increased foreign direct investment inflows, economic development, poverty reduction, improved employment, economic competitiveness, and financial and economic risk ratings.”

CAPE TOWN, South Africa, August 4, 2026/APO Group/ –The nominees for the African Energy Week (AEW) 2026 recognize the companies, projects and individuals driving innovation, investment and growth across Africa’s energy sector. Featuring 12 categories spanning the full energy value chain, the awards celebrate the achievements shaping the continent’s energy future.

 

Winners will be announced during the AEW 2026 Gala Dinner & Awards Ceremony, taking place on Tuesday, October 13, in Cape Town. The ceremony will bring together ministers, industry leaders, investors and technology providers to recognize excellence in upstream, downstream, gas, power, local content, technology and corporate leadership.

African Service Provider of the Year

• GeoEnergy Group – for advancing digital transformation through the Egypt Upstream Gateway while strengthening local technical expertise across Africa.
• One Titanium – for delivering specialized services supporting Africa’s energy industry.
• KAESO – for expanding indigenous engineering and technical services across African markets.
• SONILS – for strengthening logistics and supply chain services for integrated energy projects.
• NIPEX – for enhancing procurement and local supplier participation in Nigeria’s oil and gas sector.

International Service Provider of the Year

• NOV – for supporting major energy developments with advanced engineering and equipment solutions.
• Geoex MCG – for nearly two decades of supporting Equatorial Guinea’s offshore exploration through seismic data acquisition and licensing support.
• Africa Global Logistics – for expanding integrated logistics solutions supporting energy projects across Africa.
• Technip Energies – for delivering engineering expertise across major African energy developments.
• SBM Offshore – for advancing offshore production through industry-leading FPSO solutions.
• SLB – for deploying advanced technologies and technical services across Africa’s upstream sector.

Local Content Champion (African Companies)

• Seplat Energy – for maintaining a 98% Nigerian workforce while investing in local talent development and procurement.
• Copia Group of Companies – for strengthening indigenous participation across Angola’s energy value chain.
• Renaissance Africa Energy – for expanding Nigerian ownership and local participation in upstream operations.
• Cabship – for growing Angolan maritime and offshore services through locally driven operations.

Local Content Champion (International Companies)

• TotalEnergies Uganda – for developing the Tilenga Academy to train Uganda’s future oil and gas workforce.
• NOV – for supporting local skills development and supplier participation across African markets.
• Woodside Energy – for advancing local workforce development through its African operations.
• Africa Global Logistics – for building African logistics capacity through local employment, training and supplier development.

E&P Leader of the Year

• Shell – for the Merlin-1X discovery in Namibia and the Velox-1X discovery offshore Egypt, reinforcing its exploration leadership.
• Renaissance Africa Energy & NNPCL – for the JK-004 discovery in Nigeria’s OML 74, confirming multiple hydrocarbon-bearing reservoirs.
• Murphy Oil – for the Bubale-1X light oil discovery offshore Côte d’Ivoire in Block CI-709.
• Eni – for major discoveries in Côte d’Ivoire and Angola that expanded Africa’s offshore resource base.
• OMV & Libya’s National Oil Corporation – for the Eassar commercial oil discovery in Libya’s Sirte Basin.

Downstream & Infrastructure Leader of the Year

• Dangote Refinery – for transforming Nigeria’s refining capacity and reducing dependence on imported fuels.
• Cabinda Oil Refinery – for expanding Angola’s domestic refining capacity as part of its downstream growth strategy.
• East African Crude Oil Pipeline – for advancing one of Africa’s largest cross-border energy infrastructure projects.
• African Atlantic Gas Pipeline – for progressing a strategic regional gas corridor linking West Africa with Morocco and Europe.

Deal of the Year

• Trafigura – for its $1 billion oil prepayment agreement with the Republic of Gabon.
• Levene Energies – for acquiring a 30% stake in Axxela through the Bluecore consortium, strengthening indigenous ownership.
• Heirs Energies – for acquiring a 20.07% stake in Seplat Energy in a landmark African-led transaction.
• UTM FLNG – for advancing Nigeria’s first floating LNG project through a major multi-party development agreement.

CSR Project of the Year

• Mozambique LNG – for supporting flood recovery efforts benefiting approximately 190,000 people in southern Mozambique.
• South African National Petroleum Company – for expanding STEM education through its Axium STEMI initiative in the Eastern Cape.
• Kosmos Energy Ghana – for empowering entrepreneurs through the Kosmos Innovation Center.
• Sonangol – for supporting youth entrepreneurship through its SonaJovem program.
• Eni – for expanding clean cooking initiatives across Africa.
• Oando Foundation – for improving education through its Adopt-A-School Initiative in Nigeria.

Gas Monetization Award

• Levene Energies – for advancing gas commercialization and infrastructure-led industrial development.
• NOV APL Norway – for supporting the Nguya FLNG project and expanding offshore LNG production in Congo.
• Congo LNG – for advancing the Tango and Nguya FLNG projects to strengthen the Republic of Congo’s LNG industry.
• Amufert – for developing Angola’s flagship ammonia and urea project utilizing domestic natural gas.

Technology Innovator

• TotalEnergies – for developing the SUBLIIM digital platform to optimize subsea field layouts.
• SOLA Group – for reaching financial close on South Africa’s largest private hybrid solar and battery storage project.
• Shearwater – for deploying its Pearl ocean-bottom node technology during its first commercial survey in Angola.
• TGS & Starlink – for redefining seismic data transfer through satellite-enabled connectivity.

Power Africa Developer

• TotalEnergies – for inaugurating Africa’s largest hybrid renewable energy project.
• Siemens Energy – for expanding gas turbine and grid infrastructure supporting Africa’s growing power demand.
• Globeleq – for growing its renewable energy portfolio across wind, solar, geothermal and battery storage.
• Infinity Power – for expanding one of Africa’s largest renewable energy development portfolios.E