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Oando’s Production up 16% in H1 2026, Company Reports Facility Uptime of 92%

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Oando PLC

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

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.

 

Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders

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.

Distributed by APO Group on behalf of Oando PLC.

 

Business

Idris Elba’s Akuna Group launches free Artificial Intelligence (AI) filmmaking programme for creators in five African countries, in collaboration with Google

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Over fifty weeks, selected creators will move from a twelve-week academy into mentoring, pitching and production; Selected funded teams will make their films, which will be showcased in October 2027

Creators need a route from the classroom to the screen, and this programme carries them all the way, from their first application to a finished, funded film

FREETOWN, Sierra Leone, October 26, 2026/APO Group/ —An AI filmmaking programme for African creators opens today in Ghana, Kenya, Nigeria, Sierra Leone and South Africa. Applications are live at (https://AkunaLearning.com).

Akuna Learning, from The Akuna Group, chaired by Sir Idris Elba, today opened applications for From Script to Screen with AI, a free programme that equips eligible African creators to tell stories on screen leveraging artificial intelligence. Delivered in collaboration with Google and supported by US$1 million funding from Google.org, with curriculum developed by Curious Refuge, the programme is open to aspiring filmmakers in Ghana, Kenya, Nigeria, Sierra Leone and South Africa.

 




 
 

Applications are open now at (https://AkunaLearning.com) and close on 15 November 2026. The programme is free to apply and, for those selected, free to attend.

Over fifty weeks, selected creators will move from a twelve-week academy into mentoring, pitching and production. Selected funded teams will make their films, which will be showcased in October 2027. Creators will maintain control of their work, with no claim of ownership rights by the programme or partners running it.

From foundation to funded film

Every participant will complete a foundational course in AI filmmaking; then participants will be able to choose to specialise in one of five creative pathways:

  • Fiction: narrative filmmaking and scripted storytelling, from short film to series.
  • Documentary: real-world stories and factual filmmaking.
  • Animation: animated storytelling, motion design and visual world-building.
  • Advertising: branded storytelling, commercial content and creative campaigns.
  • Screenwriting: script development, dialogue and structure, writing from page to screen.

The programme is structured in five stages:

  1. Applications & Selection (October 2026 to January 2027). One open call across all five countries, closing on 15 November 2026, with review panels in each country and a final panel looking across all five.
  2. Learn & Get Certified (February to April 2027). Twelve weeks of online training with Curious Refuge, with weekly Akuna facilitation, in-person meet-ups in every country and certification at the end.
  3. Get Mentoring (April to June 2027). Graduates put forward their own one-page ideas. Shortlisted idea owners build teams, which then spend four weeks with mentors and subject experts.
  4. Pitch Your Film (June to July 2027). Mentor-endorsed teams pitch to panels drawn from Akuna, Google and the wider industry. Selected projects are funded.
  5. Produce Your Film (July to October 2027). Funded teams make their films with creative and technical support, then take them to festivals and showcases. The programme is for aspiring and emerging visual storytellers: filmmakers, screenwriters, animators, advertisers, digital content creators, photographers, designers, editors and visual artists. Applicants do not need AI experience, a film school qualification or a set number of years in the industry.

 

Sir Idris Elba, Chairman of The Akuna Group, said: “For me, this is about learning. This is about access to courses that help educate creators across the continent to tell their stories. Through Akuna Learning, we’re partnering with Google and Curious Refuge on ‘From Script to Screen with AI’, a remarkable training and mentorship programme teaching African filmmakers to use AI tools. Selected projects will receive production funding, and creators will retain control of their work. I’m looking forward to seeing the stories they choose, and how the education leads to employment and self-momentum, but helps shape the narrative of Africa.”

Khaled Gad, Chief Executive Officer of The Akuna Group, said: “Training on its own does not build an industry. Creators need a route from the classroom to the screen, and this programme carries them all the way, from their first application to a finished, funded film. It opens on the same day and runs to the same standard in all five countries. You do not need a film school background or any experience with AI to apply. You need finished work that shows what you can do, and your application in by 15 November.”

How to apply

Applications are submitted online at (https://AkunaLearning.com) between 26 October and 15 November 2026. Applicants must:

  • physically reside in Ghana, Kenya, Nigeria, Sierra Leone or South Africa;
  • be 18 or older on the date of application;
  • have access to a laptop, reliable internet and consistent power for the duration of the programme;
  • be able to commit fully to the twelve-week academy from February to April 2027, and to the later stages if they progress.

Applicants should include existing creative work, however modest, that shows their talent and commitment. Women are strongly encouraged to apply.

Distributed by APO Group on behalf of The Akuna Group.

 

 




 

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African Energy Chamber (AEC) Applauds Afreximbank President George Elombi as Billions in Financing Drive Africa’s Industrial Growth

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African Energy Chamber

Since assuming leadership in October 2025, Dr. George Elombi has overseen major financing commitments across Africa’s energy, mining and industrial sectors

JOHANNESBURG, South Africa, October 26, 2026/APO Group/ –The African Energy Chamber (AEC) (https://EnergyChamber.org/) has commended Dr. George Elombi, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), for his decisive leadership in advancing African industrialization, energy security and economic integration. Since succeeding Professor Benedict Oramah in October 2025, Dr. Elombi has overseen a series of landmark financing commitments spanning oil and gas, critical minerals, infrastructure and manufacturing, demonstrating the growing capacity of African financial institutions to mobilize capital for the continent’s development.
 




 

“I was privileged to attend the inauguration of Dr. George Elombi in October 2025 as Afreximbank President and Chairman, succeeding Professor Benedict Oramah. Since that day, I have watched a man of few words keep the promises he made not with grand speeches, but with practical action. At this crossroads in our history, Dr. Elombi understands that leadership is not about occupying the moment. It is about shaping the future,” states NJ Ayuk, Executive Chairman, AEC.

A cornerstone of Dr. Elombi’s commitment to Africa’s energy sector is the establishment of the Africa Energy Bank (AEB) alongside the African Petroleum Producers Organization. Designed to finance large-scale energy and infrastructure projects across the continent, the AEB will use a corridor approach, prioritizing projects that deliver regional economic development across four pillars: export infrastructure, domestic infrastructure, clean cooking and power. The bank is expected to become operational within weeks and begin financing projects at the start of 2027.

At this crossroads in our history, Dr. Elombi understands that leadership is not about occupying the moment

Dr. Elombi’s work is reflected in a series of milestones reached by Afreximbank in recent months as the bank moves to advance intra-African trade, mobilize capital and bring new countries into its mission. In April 2026, South Africa acceded to the Establishment Agreement of the bank, marking the entry of one of the continent’s biggest economies into the bank’s membership. With the move, Afreximbank launched major financial interventions in the country, including a $8 billion Country Program designed to deepen economic growth. According to Dr. Elombi, South Africa’s membership builds on a strong pipeline of Afreximbank-led projects in the country, exceeding $6 billion and spanning healthcare, energy, manufacturing, financial services and mining.

Beyond South Africa, Afreximbank continues to advance financing for strategic projects across a myriad of sectors. Notable transactions include a $3.8 billion agreement with Gabon to support manganese and gold trading as well as energy development and rail infrastructure; a $25 million facility for Lilium Gold to support operations at the Boungou and Wahgnion mines in Burkino Faso; and a $1.75 billion syndicated receivables-purchase facility for Angola’s national oil company Sonangol. In Nigeria, the bank announced a $2.5 billion underwriting commitment – part of a $4 billion syndicated facility – for Dangote Petroleum and Petrochemicals as well as a $750 million reserve-based lending facility for Heirs Energies, supporting indigenous African energy capacity.

The bank was also responsible for the first-recorded Southern African energy sector transaction through the Africa Trade Gateway – a one-stop digital trade ecosystem developed by Afreximbank and the African Continental Free Trade Area. The transaction features a $5.3 million cross-border gasoil trade involving Zimbabwe. One of the most significant developments

Afreximbank’s mandate transcends energy. The bank continues to mobilize capital for infrastructure that can connect African markets, supporting continent-wide industrialization and job creation. In healthcare, the African Medical Center of Excellence in Ajuba, a landmark 170-bed specialty healthcare center developed by Afreximbank, has set a new standard in healthcare in the country. The facility treats more than 5,000 patients from over 20 countries, with plans to expand to 500 beds in the near-term.

“This is more than a list of transactions; it is a practical expression of economic sovereignty, financing African businesses, moving African commodities, developing African infrastructure and keeping more value on the continent,” Ayuk said. “Dr. Elombi is running his race. He is not chasing applause; he is building momentum. He knows that Africa’s future will be secured by institutions that are bold enough to invest, disciplined enough to deliver, and confident enough to believe in Africa’s own capacity.”

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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Energy

Libya Energy & Economic Summit (LEES) 2027 Places Infrastructure at the Center of Libya’s Energy Expansion with Dedicated Forum

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From gas processing and ports to downstream infrastructure and regional pipelines, LEES 2027 will examine the infrastructure required to support Libya’s next phase of energy growth

TRIPOLI, Libya, October 26, 2026/APO Group/ –Libya’s push to expand oil and gas production is creating a parallel requirement for investment in the infrastructure needed to process, transport and commercialize additional energy supplies. With more than $20 billion committed to the Waha concessions alone and major gas, industrial and logistics projects advancing, infrastructure integration is emerging as a key component of the country’s investment agenda.

 




 
 

Against this backdrop, the Libya Energy & Economic Summit (LEES) 2027, taking place January 23–25 in Tripoli, will feature a dedicated Infrastructure and Integration Forum. The forum will examine how Libya can convert its growing resource base into productive domestic infrastructure and stronger regional ties.

As Libya seeks to process more hydrocarbons domestically and capture greater value from refined products, the country’s National Oil Corporation (NOC) is pursuing refinery modernization and expanded petrochemical manufacturing. That strategy is being reinforced by upstream expansion, including a more than $20 billion, 25-year Waha development deal with TotalEnergies and ConocoPhillips targeting up to 850,000 barrels per day (bpd) of additional capacity.

Meanwhile, the National Development Agency has signed 13 agreements with Chinese companies for projects at the 1,000-hectare Magroun Industrial Zone, covering industrial chemicals, advancing manufacturing and construction materials. The Ministry of Industry’s 100-Day Plan is supporting the country’s wider development push through infrastructure and digital reforms aimed at improving industrial investment.

Gas provides another major infrastructure opportunity set to be showcased at LEES 2027. Eni’s $8 billion Structures A&E project is designed to move offshore gas to the Mellitah treatment plant, with infrastructure targeting 750 million cubic feet per day (mmscf/d) in 2027. The project follows the successful start-up of the Sabratha Compression Project in June 2026. Led by Eni in partnership with the NOC – through the Mellitah Oil & Gas joint venture – the project has an overall compression capacity of 440 mmscf/d.

On the maritime side, the $2.7 billion Misurata Port expansion is set to transform the facility into a major Mediterranean logistics hub, with planned capacity of 4 million containers annually and 8,400 direct jobs. The project also incorporates local supplier development, linking maritime expansion with efforts to build domestic supply chains.

Beyond domestic infrastructure Libya is strengthening its connections to regional neighbors. The country is advancing negotiations with Egypt for an 800-km Tobruk-Alexandria crude pipeline, estimated at $1.5 billion–$2 billion and targeting initial capacity of 150,000–250,000 bpd. The NOC is also working to maximize the 11-billion-cubic-meter annual capacity of the GreenStream pipeline, connecting coastal facilities in Libya to European markets via Sicily.

Taken together, these projects show an increasingly integrated Libyan investment agenda – connecting upstream production with downstream industry, gas infrastructure, logistics and cross-border energy markets. LEES 2027’s Infrastructure and Integration Forum will bring those investment opportunities together in one platform, highlighting the NOC and Ministry-led push to build the infrastructure required for Libya’s next phase of economic growth.

For more information about LEES 2027, please visit https://LibyaSummit.com/​.

Distributed by APO Group on behalf of Energy Capital & Power.

 

 




 

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