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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.

 

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Afreximbank Announces Speakers for Africa’s Largest Compliance Forum

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Bankers, compliance specialists and fintech leaders from more than 40 countries will explore how regulatory cooperation and technology can align compliance approaches, reduce barriers and advance intra-African and global trade

CAIRO, Egypt, November 3, 2026/APO Group/ –Afreximbank (www.Afreximbank.com) has announced speakers for its 2026 Compliance Forum, Africa’s largest compliance-focused gathering. Discussions will address regulatory fragmentation and barriers across Africa, improve access to correspondent banking services, and explore how technology can strengthen compliance and facilitate cross-border trade

 




  

Organised in partnership with the Botswana Investment and Trade Centre (BITC), the Forum will take place from 16 to 18 November 2026 at the Gaborone International Convention Centre in Botswana. Discussions will focus on strengthening regulatory cooperation, improving access to financial services and using technology to support effective compliance across African markets.

Confirmed speakers include Governor Lesego Caster Moseki, Bank of Botswana, Dr. Patrick Ndzana Olomo, Ag. Director, Economic Development, Integration and Trade, and Head of Economic Policy and Sustainable Development, African Union Commission (AUC), Luis Koberg, Founder and CEO of Klearium Group; Shane Ridel, CEO of Elucidate, Sophie Barre, Global Head of Risk and Compliance at Wave Mobile Money Group; Mr Mooketsi Ramanteba, Non-Bank Financial Institutions Regulatory Authority (NBFIRA), Nellie Nuyoni, Head of Private Sector, CBZ Holdings, Moira Mapundu, Head of Compliance, NMB Bank Limited and Boitumelo William of Continental Reinsurance. Compliance specialists from Dow Jones and Standard Chartered will also participate.

Mr Keletsositse Olebile, Chief Executive Officer of the Botswana Investment and Trade Centre, said: “Strong and predictable compliance systems build investor confidence, protect institutions, and create the conditions in which trade and enterprise can flourish.”

Under the theme “Better Compliance – Better Trade: Leveraging Compliance to Promote African Regulations that Advance Intra-African Economic and Trade Integration,” the Forum will examine how African markets can make their regulatory systems work more effectively together while preserving national sovereignty.

Idrissa Diop, Compliance Director at Afreximbank, said: “Our banks across Africa operate across very different legal systems, supervisory approaches and levels of digital maturity. Africa does not need uniformity at any cost. It needs interoperability that reduces friction while preserving regulatory sovereignty.

Our banks across Africa operate across very different legal systems, supervisory approaches and levels of digital maturity

“We invite regulators, compliance specialists, banks, fintechs, trade institutions and technology providers from across the continent to come to Gaborone ready to turn shared principles into practical cooperation, because better compliance can and should deliver better trade for Africa.”

The opening session, “Is Better Compliance Leading to Better Trade?”, will assess how regulatory cooperation can facilitate cross-border business. Other sessions will cover anti-money laundering and countering the financing of terrorism, sanctions, cybersecurity, consumer protection and the use of artificial intelligence in compliance.

Access to correspondent banking services will be a key focus. Luis Koberg, Founder and CEO of Klearium Group, said: “Many African banks continue to face barriers to accessing correspondent banking services. The reasons given often overlook a fundamental challenge: limited visibility across the payment chain. Improved transparency gives our industry the ability to accurately assess and manage risk, on a case-by-case basis with confidence.”

Delegates will also examine how fintech and risk-based onboarding can extend access to affordable financial services while meeting compliance requirements.

Sophie Barre, Global Head of Risk and Compliance at Wave Mobile Money Group, said: “Fintechs are rewriting the rules of financial inclusion and efficiency. By combining world-class technology with intelligent, risk-based onboarding, they can deliver affordable, simple and reliable services within a compliant ecosystem.”

The Compliance Forum will also feature an exhibition of AI-enabled anti-money laundering and counter-terrorist financing compliance systems. These demonstrations will let delegates engage with emerging technologies that can strengthen risk detection, monitoring, and reporting.

This Forum comes as artificial intelligence, automation, cybersecurity, third-party risk and diverging regulatory requirements place new demands on financial institutions. These developments reinforce the need for compliance approaches that reflect Africa’s regulatory, economic and institutional realities while drawing on global good practices.

ACF2026 will provide a platform for stakeholders to redefine compliance strategies for a changing financial environment and develop practical approaches that protect institutions while enabling more efficient movement of capital, goods and services across African borders.

For programme details and registration, visit ACF2026 (https://apo-opa.co/4iVtopG)

Distributed by APO Group on behalf of Afreximbank.

 




 

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Gas Exporting Countries Forum (GECF) Leadership Roundtable Brings Gas Producer Coordination to Paris

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As African gas producers navigate rising domestic demand, global LNG competition and a renewed push for investment, the GECF Leadership Roundtable at the Invest in African Energy 2027 Forum will examine how greater coordination can support project development, market access and long-term gas monetization

PARIS, France, November 3, 2026/APO Group/ –Africa’s gas industry is entering a period in which cooperation between producing countries could become increasingly important. Demand is rising, LNG markets are being reshaped by geopolitical disruptions and new supply, while major gas developments across the continent continue to compete for capital.

 




  

Against this backdrop, the GECF Leadership Roundtable at the Invest in African Energy (IAE) Forum 2027 in Paris will bring the perspectives of gas-producing countries into a discussion focused on the commercial and strategic priorities shaping the sector.

The session comes as Africa continues to expand its role in global LNG markets. The GECF forecasts LNG exports from the continent to reach about 110 billion cubic meters (bcm), or 80 million tons per annum (mtpa), by 2030, rising to 215 bcm, or 160 mtpa, by 2050. The outlook spans producers including Algeria, Angola, Egypt, Equatorial Guinea, Mozambique, Mauritania, Senegal and Nigeria, while GECF projections point to growing LNG trade with Asia and within African markets.

Recent developments have reinforced the strategic value of that supply base. Tanzania’s long-delayed $42 billion LNG project has gained renewed attention as disruptions to Middle Eastern gas supplies have increased the value of diversified LNG sources, while ExxonMobil is advancing preparations for Mozambique’s Rovuma LNG project after years of delay.

For African producers, however, expanding exports is only one part of the equation. Domestic gas demand is rising at the same time that governments are seeking to use gas to improve electricity supply, support industrial development and create new revenue streams. That creates a need to balance export projects with domestic offtake, pipeline infrastructure, gas processing and gas-to-power development.

Coordination between producing countries can help address some of these challenges. Sharing experience on fiscal frameworks, project development, infrastructure and market access can help governments compete for investment while strengthening the case for regional gas infrastructure and cross-border trade.

The global market is also becoming more competitive. Reuters reported this month that gas and LNG infrastructure investment is expanding across multiple regions, with Asia accounting for the largest share of planned LNG import capacity. At the same time, disruptions to Middle Eastern supply have reinforced concerns around security of supply and increased the strategic importance of alternative producers. That creates an opening for African gas producers, but converting that opportunity into projects will require capital, infrastructure and credible long-term markets.

The GECF Leadership Roundtable at IAE 2027, taking place in Paris from May 11-13, will provide a senior-level setting to examine those issues alongside the investors and project developers needed to advance them. The wider forum is designed to connect African energy markets with global capital, with a focus on projects spanning gas, LNG, infrastructure and power.

For African gas producers, the question is how effectively its resources can be developed, connected to markets and converted into reliable energy and industrial growth. The Paris roundtable will put producer coordination at the center of that investment conversation.

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

 

 




 

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Islamic Corporation for the Development of the Private Sector (ICD) and Open Bank Sign Expression of Intent for a Potential USD 10 Million Line of Financing in Uzbekistan

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The EoI sets out the intent to establish a Shariah-compliant LoF facility of up to USD 10 million from ICD to Open Bank to be deployed for the onward financing of eligible private sector projects, including small and medium-sized enterprises (SMEs) and corporates operating in the Republic of Uzbekistan

JEDDAH, Saudi Arabia, November 1, 2026/APO Group/ –
  • ICD and JSC Open Bank (Uzbekistan) have signed an Expression of Intent for a potential Shariah-compliant Line of Financing facility of up to USD 10 million
  • The facility aims to channel funds to eligible private sector projects, including SMEs and corporates across Uzbekistan
  • The potential Line of Financing facility intends to support job creation and SME growth, contributing to broader economic development in Uzbekistan
  • Open Bank, a privately owned digital bank licensed by the Central Bank of Uzbekistan, will serve as the intermediary institution to channel the funds to private enterprises

 




 
 

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of the Islamic Development Bank (IsDB) Group, and Joint Stock Company “Open Bank” (Open Bank) from Uzbekistan have signed an Expression of Intent (EoI) in Jeddah, Saudi Arabia, on 26 October 2026, for a potential Shariah-compliant Line of Financing (LoF) facility of up to USD 10 million, aimed at supporting eligible private sector projects in the Republic of Uzbekistan.

The EoI sets out the intent to establish a Shariah-compliant LoF facility of up to USD 10 million from ICD to Open Bank to be deployed for the onward financing of eligible private sector projects, including small and medium-sized enterprises (SMEs) and corporates operating in the Republic of Uzbekistan. The facility is designed to ensure that financing reaches productive segments of the economy in a manner consistent with Shariah principles and in line with the development objectives of ICD and Uzbekistan.

The intended facility reflects ICD’s commitment to expanding access to Shariah-compliant financial services in Central Asia. By working through Open Bank, a digitally oriented institution with a focus on retail and SME customers, the proposed LoF aims to direct resources toward businesses that can generate meaningful employment opportunities and contribute to sustainable economic growth in Uzbekistan. SME support of this nature plays an important role in strengthening the private sector and broadening economic participation across the country.

ICD’s development mandate centers on advancing private sector growth and improving livelihoods in its member countries through Shariah-compliant financing solutions. The intended LoF with Open Bank aims to contribute to job creation and SME support in Uzbekistan, outcomes that align with ICD’s broader objective of fostering inclusive and sustainable economic development across the IsDB Group’s member countries.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

 




 

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