AD
KEGOZ MARKET WATCH KEGOZ BULLETIN · 04 NOV 2026 ·UPDATE
  • PMS · Depot average₦1,318/L▲ ₦1.50
  • DIESEL (AGO) · Depot average₦1,800/L▼ ₦5
  • COOKING GAS (LPG) · Basket median (older quotes included)₦1,225/kgUnchanged
  • BRENT CRUDE · 3 Nov settlement$103.60/bbl▼ 1.1%
  • USD/NGN · NFEM closing rate · 3 Nov₦1,346/$1
  • USD/NGN · Parallel · 4 Nov bulletin₦1,378–1,395/$1
  • DANGOTE PMS · Depot · 3 Nov₦1,300/L
  • DANGOTE AGO · Gantry · 4 Nov bulletin₦1,840/L
  • DANGOTE LPG · 4 Nov panel₦1,050/kg
  • NNPC PMS · Pump · Reported 2 Nov₦1,355/L
Source: KEGOZ Daily Trading Intelligence Bulletin, Issue 062, 4 Nov 2026. Indicative prices; quote dates vary. PMS, AGO and LPG changes vs Issue 061. PMS basket now includes Ascon. Older LPG quotes may understate the current market. Verify with suppliers before trading. Not a live feed.

Oando Cuts Production Costs by 22% as Output Rises

Oando Plc has reduced its production operating costs by 22 per cent to $15.39 per barrel of oil equivalent (boe) in the first nine months of 2026, while average daily production increased by 14 per cent to 42,985 barrels of oil equivalent per day (boepd).

The company disclosed this in its unaudited nine-month financial results, attributing the cost reduction to improved efficiency in transportation, logistics, services and technology, alongside higher production.

Oando also reported that facility uptime improved to 96.1 per cent from 85 per cent recorded in the corresponding period of 2025.

Commenting on the performance, Group Chief Executive, Wale Tinubu, said increased investments and improved operational execution had strengthened production efficiency and reliability across the company’s upstream assets.

Crude oil production rose by 12 per cent to 12,193 barrels per day, while gas output increased by 13 per cent to 28,689 boepd. Natural gas liquids production also grew by 53 per cent to 2,103 barrels per day.

Read Also: seplat-uncovers-five-oil-gas-reservoirs-plans-new-exploration-well-in-2027

The improved output supported higher sales, with crude oil sales increasing by 43 per cent to 3.97 million barrels and gas sales rising by five per cent to 34.01 billion standard cubic feet.

Total exploration and production sales volumes climbed by 21 per cent to 10.21 million barrels of oil equivalent.

Financially, revenue increased by nine per cent to N2.78tn, while gross profit surged by 483 per cent to N174.5bn from N29.8bn in the corresponding period of 2025. The company also recorded an operating profit of N159.7bn, reversing an operating loss of N109.7bn a year earlier.

Oando invested N110.7bn in capital expenditure during the period, largely on drilling activities across its OMLs 60–63 assets. It said its seven-well drilling programme was progressing, with completed wells already brought on stream.

The company expects the drilling campaign to add between 16,000 and 20,000 boepd in gross production, supporting its medium-term target of approximately 100,000 boepd within four to five years.

Meanwhile, its electric mobility partnership with the Lagos Metropolitan Area Transport Authority recorded more than 212,000 passenger journeys during the period, with average capacity utilisation of 73 per cent.

Oando retained its focus on upstream expansion, operational efficiency and improved shareholder returns, projecting full-year 2026 production of between 40,000 and 45,000 boepd and capital expenditure of $90m to $100m.

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

More Top Stories

RSHA Summons Defiant Oil Firm, Vows To Protect Constituents’ Rights
Lebara Nigeria Launches MVNO Service to Boost Creative Economy‎‎
Senator Nwogu of PDP Wins Rivers South-East Senatorial By-Election
Oil Pollution Sparks Crisis for Nigeria’s Sustainability Agenda
Airtel Africa Foundation Awards N50m to 100 Nigerian Students Under Tech Fellowship Programme
Judge Orders INEC To Deregister Five Political Parties Before 2027 Elections
APC Presidential Primary: Tinubu Sweeps All Votes in Rivers
Chinda Wins Ward 4 in Obio/Akpor APC Consensus Primary
U.S Moves to Expand Rural Internet Access in Nigeria, Three West African Nations
Marketers Kick Against Dangote’s Fresh Fuel Import Licence Suit
2027: I Won’t Step Down for any candidate – Amaechi
Obuah Wins APC Ward Senatorial Primary, Pledges Quality Representation
FG Announces Launch of Nigeria’s Digital TV Broadcast
Okrika, Eleme Council Chairmen Intervene as PHRC Host Communities Suspend Protest
Ogor Leaders Pay Congratulatory visit to Omonade
Fubara Reaffirms APC Membership, Dismisses Defection Rumours
Nigeria’s Crude Oil Production Rises to 1.489 Million bpd in April
NNPC Partners With Chinese Firms To Revive Port Harcourt, Warri Refineries
NDC Vows To Work For Party Victory As New Executives Emerge In Delta state
Delta APC stakeholders present as Dafinone declares second term bid
Andoni LG Boss Impose Dusk-To-Dawn Curfew
‎Finidi hails team’s game Control as they Open Two-Point Gap‎
Why Are They Still There?’ Esin Questions NFF Technical Team After World Cup Failures
‎Bronze Isn’t Gold: Eagles’ Ex coach Peseiro Reacts To AFCON Outcome‎‎‎
Shehu Dikko Pushes for Upgrade and Proper Maintenance of Sports Infrastructure
2026 World Cup: Super Eagles Face Harsh Reality After Failed Qualification
‎NFF appoints Akeem Busari as new Flamingos coach
HRM Summons PHED, Asks Reason For Recent Power Outage
Will Nigeria Replace Iran in the 2026 FIFA World Cup?
Osimhen Out of Hospital After Successful Surgery, Eyes Quick Return
Osimhen Backed for Man United Move as Butt Says He Can Elevate Sesko
Drama Erupts as Verydarkman Fires Back at Blessing CEO Over Cancer Claim
Kpai Them All!” — Sarian Martins Unleashes Fury, Links Blessing CEO’s Illness to ‘Spiritual Payback’
Nwaiwu Earns Super Eagles Call-Up as Bassey Withdraws Ahead of Iran, Jordan Friendlies
Super Eagles star Alex Iwobi Leads 7-Man Premier League Player of the Month Shortlist
Delta Queens Edge FC Robo In Five-Goal Thriller to Boost Super Six Push
‎Injury knocks out ‘Super’ Calvin Bassey as Eagles suffer Int’l Friendlies blow‎
Osimhen Set for Race Against Time as Galatasaray Target Quick Return
Super Eagles Open Camp in Turkey Ahead of Iran, Jordan Friendlies
Chukwueze Set for Permanent Fulham Move After Impressive Loan Spell
Rivers United Humiliated as Nasarawa United Run Riot in 4–1 Thriller
‎Chelle can win next AFCON, He deserves a new contract –Ibitoye‎
‎Rivers United blame CAF Champions League for slump‎
Morocco National Team Captain Rejects AFCON Title, Backs Senegal as True Champions
‎Title race heats up as Rivers, Rangers face defining fixtures‎‎
Oborevwori Denies Assaulting Kickboxing Coach in Reimbursement Row
‎NFF faces court notice over congress misconduct‎
FULL CIRCLE AT WEMBLEY: ARSENAL, MAN CITY AND A FINAL LOADED WITH HISTORY
Finidi George Under Pressure as Rivers United’s Title Grip Slips
Osimhen Injury Shifted Momentum as Liverpool Power Through-Slot
Rivers United Stumble Again as Niger Tornadoes Strike Late to Deepen Title Tension
‎Ademola Lookman Cruise into UCL Q’finals, Osimhen Crash out‎
CAF Strips Senegal of AFCON Title, Crowns Morocco Champions After Dramatic Final Controversy
Ikorodu City Dominate Rivers United to Seal Crucial Home Victory
Rivers United Confront Tough Ikorodu City Test as NPFL Title Race Reaches Boiling Point
Obi Mikel Demands NFF Leadership Resignation After Nigeria’s World Cup Failure
Super Eagles Calvin Bassey is a beast” –Bryan Mbeumo‎
Ibinabo Fiberesima Opens Auditions For Web Series In Port Harcourt
Tinubu, NFF Mourns Former Super Eagles Coach Adegboye Onigbinde
Lemina Header Sinks Liverpool as Galatasaray Claim Crucial First Leg Victory
D’Tigress Arrive Lyon Ahead Of 2026 FIBA Women’s World Cup Qualifying
NPFL: Rivers United Trash Bendel Insurance to Remain Top
NERC Seeks Private Capital to Expand Nigeria’s Power Supply
Rivers International Film Festival Records 3,021 Film Submissions
Port Harcourt Set to Celebrate Niger Delta Cultural Fashion Festival 2026
Pidomson Challenges Wike to Rivers Governance Debate
Rivers United vs Rangers: Preview, H2H and Prediction
High Lending Rates Push Nigerian SMEs Away from Banks as Unsold Goods Hit N2.14trn

Leave a Reply

Your email address will not be published. Required fields are marked *