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Oando Publishes N4.1 Trillion Revenue and N65.5 Billion Profit-After-Tax in Full Year (FY) 2024 Results

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Oando

The announcement brings the company up to date on its financial reporting, successfully meeting all regulatory requirements

LAGOS, Nigeria, February 1, 2025/APO Group/ — 

Oando PLC (www.OandoPLC.com), Africa’s leading integrated energy company listed on both the Nigerian Exchange Grpup (NGX) and Johannesburg Stock Exchange (JSE), announced a strong financial performance for the Full Year (FY) 2024 with a 45% growth in revenue to N4.1 Trillion compared to N2.9 Trillion in FY 2023 results.

The company’s 2024 performance showcases a consistent upward trajectory following its announcement of N65.5 billion in profit after tax.

Speaking on the results, Group Chief Executive, Oando PLC, Wale Tinubu CON, commented, “2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity, attaining peak operated production of 103,206boepd and net entitlements of 45,000 boepd.

Despite a challenging operating environment, we achieved a 45% increase in revenue to 4.1 trillion, reflecting the strength of our business model, and a 9% rise in profit after tax to 65.5 billion, notwithstanding the costs associated with the onboarding of NAOC.

Oando’s production for the twelve months ended December 31, 2024, averaged 23,911 barrels of oil equivalent per day (boe/d), an increase from the 23,258 boe/d achieved in 2023. This growth was primarily driven by the acquisition of an additional 20% stake in the NAOC JV in Q4, partially offset by production disruptions due to shut-in wells resulting from sabotage activities.

2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd

Additionally, the Group incurred $18.1 million on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $52.3 million in the twelve months to December 31, 2023.

Looking ahead to 2025, Tinubu stated, “In 2025, our priority shall be to drive cost optimization, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations. In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling program across three rig lines.

Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground security challenges by implementing a revamped security framework that integrates advanced surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and unjustifiable theft of oil to ensure the long-term integrity of our vast network.

As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all.”

As the company prepares for its 2025 targets, it is bolstered by optimistic oil demand predictions. The U.S. Energy Information Administration’s (EIA) global oil demand predictions forecast global demand to grow by 1.3 million barrels per day (bpd) in 2025, a significant increase from the estimated growth of 0.9 million b/d in 2024. This projected growth surpasses the pre-pandemic 10-year average (2010-2019) of 1.5 million bpd, indicating a positive trajectory for the global oil market.

With this announcement, Oando enters 2025 on a strong foundation. The announcement brings the company up to date on its financial reporting, successfully meeting all regulatory requirements. Notwithstanding the operational realities, Oando is positioned to build on the momentum of a successful 2024 committed to its strategic vision of becoming Africa’s first international oil company (IOC) by leveraging its strong operational capabilities and strategic partnerships to deliver value to its stakeholders.

Distributed by APO Group on behalf of Oando PLC.

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Golar Liquefied Natural Gas (LNG),Chief Commercial Officer (CCO) Joins Invest in African Energy (IAE) 2025 Speaker Lineup

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Liquefied Natural Gas

Federico Petersen, Chief Commercial Officer of Golar LNG, will share his expertise on the future of LNG in Africa and the role of floating LNG solutions in driving the continent’s energy transformation at the Invest in African Energy Forum in Paris next month

PARIS, France, April 25, 2025/APO Group/ –Federico Petersen, Chief Commercial Officer (CCO) of Golar LNG, will join the upcoming Invest in African Energy (IAE) 2025 Forum in Paris to discuss scaling LNG in Africa, overcoming infrastructure challenges and attracting investment. With Africa rapidly expanding its gas infrastructure, Petersen’s insights are expected to showcase how innovative LNG solutions can support sustainable energy growth across the continent.

As a global leader in floating LNG (FLNG) solutions, Golar LNG is advancing gas monetization across Africa. The company is actively involved in several key projects, including the Hilli Episeyo FLNG facility off the coast of Cameroon, operational since 2018, which plays a crucial role in unlocking regional gas resources with cost-effective, scalable LNG production. Golar LNG is also a key player in the Greater Tortue Ahmeyim project offshore Senegal and Mauritania, where it owns and operates the Gimi FLNG, which received its first feed gas in January 2025, marking a major milestone in LNG export operations.

IAE 2025 (https://apo-opa.co/3ECl25bis an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Additionally, Golar LNG is exploring further opportunities across the continent, including ventures in the Republic of Congo and Nigeria. In June 2024, the company signed an agreement with the Nigerian National Petroleum Corporation to deploy an FLNG vessel in the Niger Delta, utilizing 500 million cubic feet of gas per day to generate LNG, propane and condensate, with a final investment decision expected later this year.

The growth of LNG in Africa is set to accelerate in the coming years as key markets seek to tap into their vast natural gas reserves. As such, Petersen’s participation at IAE 2025 is poised to showcase the pivotal role of FLNG in enhancing energy security, driving economic growth and fostering regional cooperation.

As the global energy landscape shifts toward cleaner, more sustainable sources, LNG will remain crucial in powering Africa’s future, offering a reliable transition fuel to support the continent’s ambitious energy goals. With IAE 2025 as a platform for high-level dialogue and partnerships, the forum will provide an invaluable opportunity for stakeholders to explore the latest LNG developments, deepen collaboration and drive investments that will shape the future of African energy.

Distributed by APO Group on behalf of Energy Capital & Power

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VFD Group Plc Reports Remarkable Growth in Audited Financial Statement for 2024 Financial Year

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Net investment income surged by 95% to N59.0 billion, despite a spike in investment expenses to N15.5 billion from N7.4 billion in 2023

LAGOS, Nigeria, April 25, 2025/APO Group/ –In a stunning turnaround, VFD Group Plc (https://VFDGroup.com), a proprietary Investment firm, has announced its audited financial results for the year ended December 31, 2024, showcasing exceptional growth. The journey to this milestone was paved with strategic initiatives and a relentless pursuit of innovation.

Just a year ago, businesses globally struggled with macroeconomic headwinds, and VFD Group, not an exception, reported a pre-tax loss of N1 billion in 2023. However, the team’s dedication and forward-thinking approach yielded impressive results. The Group reported a pre-tax profit of N11.2 billion, representing a 1202% year-on-year growth.

Net investment income surged by 95% to N59.0 billion, despite a spike in investment expenses to N15.5 billion from N7.4 billion in 2023. Net revenue increased by 90% to N71.0 billion, while operating profit grew by an impressive 104% to N48.8 billion.

The company’s financial performance was nothing short of remarkable, with notable achievements including:

– Investment and similar income: N74.6 billion, up 98% YoY

– Net investment income: N59.0 billion, up 95% YoY

– Net revenue: N71.0 billion, up 90% YoY

– Operating profit: N48.8 billion, up 104% YoY

– Pre-tax profit: N11.2 billion, a significant turnaround from a N1 billion loss in 2023

As of April 22, 2025, VFD Group’s market capitalisation surged by 116% to hit N121.6 billion from N56.2 billion year to date.

These outstanding results reflect the success of our team’s efforts. As VFD Group looks to the future, it remains committed to delivering exceptional value to its customers and stakeholders.

Distributed by APO Group on behalf of VFD Group Plc.

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African Energy Chamber (AEC) Champions Smart Policy, Strategic Partnerships to Advance Namibia’s Oil & Gas Discoveries

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The African Energy Chamber is a strategic partner of the Namibia International Energy Conference, which kicked off today in Windhoek

WINDHOEK, Namibia, April 24, 2025/APO Group/ –As a strategic partner of the Namibia International Energy Conference (NIEC), the African Energy Chamber (AEC) (www.EnergyChamber.org) is calling for a deliberate and accelerated approach to moving Namibia’s recent oil and gas discoveries into production – emphasizing the importance of speed, investor confidence and strategic collaboration.

Speaking during a high-level panel at NIEC 2025, AEC Executive Chairman NJ Ayuk urged Namibia to seize the momentum of its frontier discoveries, while avoiding the pitfalls that have stalled progress in other hydrocarbon-rich African nations. He emphasized that Namibia’s path to becoming a regional energy hub hinges on its ability to learn from international case studies and execute deals that ensure long-term national benefit.

“Namibia needs to move fast, produce quickly and negotiate the best deals with its partners to ensure the rapid development of its oil discoveries,” Ayuk stated. He pointed to Guyana as a prime example, noting how the South American country developed a robust strategy focused on national benefit and successfully attracted billions in investments to fast-track its energy projects.

Namibia needs to move fast, produce quickly and negotiate the best deals with its partners to ensure the rapid development of its oil discoveries

In contrast, Ayuk cautioned against the delays experienced by countries like Mozambique, Tanzania, Uganda and South Africa, where production was significantly postponed, leading to rising project costs and lost opportunities. “There is a growing movement trying to discourage Africa – and Namibia – from producing its oil and gas. We must resist that,” he added.

Reinforcing the need for investor-friendly terms, Justin Cochrane, Africa Upstream Regional Research Director at S&P Global Commodity Insights, highlighted the necessity of contract stability, transparent data-sharing and a balanced approach to fiscal negotiations. “It’s natural that Namibia wants to maximize its benefits, but pushing too hard on IOCs can result in getting 100% of nothing… The first milestone must be achieving first oil,” said Cochrane.

Representing Namibia’s national oil company, Victoria Sibeya, Interim Managing Director of NAMCOR, stressed that the company is actively engaged in every phase of the industry, from data acquisition and exploration to shaping the downstream and midstream vision. “We are not just bystanders,” said Sibeya. “NAMCOR is deeply involved in data acquisition, exploration and the exchange of knowledge and technology with our partners. We are also preparing to invest in downstream and midstream sectors to ensure that we can add value once production begins.”

Echoing the call for local development, Adriano Bastos, Head of Upstream at Galp, underscored the need for early and continuous skills development – proposing that Namibians be trained abroad in specialized areas like FPSO operations to ensure they are prepared to lead once production begins at home. “Namibia has capabilities that are rare in the region, but more collaboration with international partners is essential to build the local skills base,” he said.

Bastos noted that Namibians make up 25% of Galp’s workforce in the country, including its first female offshore base manager. “We are proud of the strides we have made. Our nationalization plans are aggressive, and we work closely with [the Namibian Ports Authority] and other local entities to implement meaningful capacity-building projects.”

As Namibia stands on the cusp of transforming exploration success into production, the message from industry leaders is clear: time, trust and talent will determine the country’s trajectory. Through cross-border collaboration, pragmatic deal-making and a strong national vision, Namibia can emerge not just as an oil producer – but as a continental model for inclusive, forward-thinking energy development.

Distributed by APO Group on behalf of African Energy Chamber

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