…12% increase in production: 23,258 boepd FYE 2023 vs 20,703 boepd FYE 2022
…Oil production of 6,211bbls/day (vs 4,939bbls/day in FYE 2022)
…Natural Gas production of 16,808boe/day (vs 15,292boe/day in FYE 2022)
…NGL production of 239bbls/day (vs 472bbls/day in FYE 2022)
MON NOV 04 2024-theGBJournal| Oando Plc, one of Africa’s largest energy solutions provider, have announced a stunning profit-after-tax position of N60.3 billion in 2023, compared to loss-after-tax of N81.2billion in FYE 202.
Its crude oil production averaged 23,258bbl/day, compared to 20,703bbl/day in 2022. In 2023, production consisted of 6,211bbls/day of crude oil,239bbl/day of NGLs and 16,808 boe/day of natural gas.
Production increase was a result of improved operations, repairs of shut in wells offset by persistent sabotage activities
The earnings is contained in its audited results for the twelve months period ended December 31, 2023, published weekend.
The company also grew its Natural Gas production to 16,808boe/day (vs 15,292boe/day in FYE 2022) with NGL production of 239bbls/day (vs 472bbls/day in FYE 2022).
Oando’s traded crude oil volumes rose 50% to 32.8 million bbls in FYE 2023 vs 21.8 million bbls FYE 2022. However, traded refined petroleum products fell by 15% to 1,645,535 MT in 2023 from 1,937,833 MT in FYE 2022.
Wale Tinubu, Group Chief Executive, Oando PLC, attributed the performance to the strength of the company’s global trading alliances, a 12% increase in total production, and favorable exchange gains from our foreign currency denominated assets, ””despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta.”
Over all, the Oando achieved 43% increase in turnover to N2.9 trillion FYE 2023 from N1.9 trillion recorded in FYE 2022.
In FYE 2023, Oando Trading sold approximately 32.8 million barrels of crude oil under various contracts with NNPC Limited.
It also crashed its Upstream borrowing by 23% from US$635.6million in FYE 2022 to US$488.9million in FYE 2023.
During the twelve months to December 31, 2023, the Group incurred $52.3 million on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $101.9 million in the twelve months to December 31, 2022.
” Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders,” says Wale Tinubu.
Oando is listed on both the Nigerian and Johannesburg Stock Exchange. Its shares are currently priced at N89.65NGN with market capitalization of N1.11 trillion as of October 2024, an equivalent of 1.89% on NGX Exchange equity market.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
