Oando Plc has recorded N77.7 billion gross profit for the financial year ended December, 31 2015.
This showed a seven per cent increase compared with N72.3 billion posted in the preceding year. The company reported loss before tax of N51 billion against N138 billion in 2014, while it posted loss after tax of N49.7 billion compared to N145.7 billion reported in the previous year. The company’s turnover decreased by 10 per cent to N381.7 billion compared to N425.7 billion achieved in the corresponding period of 2014.
The Oando Energy Resources (OER) operation at upstream operations increased by 118 per cent in total production to 19.9 million boe in the 2015 as compared to 9.1 million boe 2014.
The growth in average production moved from 24,945 boe/day in 2014 to 54,520 boe/day in 2015 while Oando Energy Services celebrated five years of continuous operations without a Lost Time Incident (LTI) on “OES Teamwork” swamp drilling rig. Commenting, the Group Chief Executive, Oando Plc Mr Wale Tinubu said “2015 remained a turbulent year for the global oil and gas industry as business models had to be altered to enable industry players survive this new reality by focusing on cost optimisation, increasing operational efficiency and down scalling capital expenditure.
This re-evaluation of ours has resulted in the execution of strategic initiatives which we are confident will return our business to profitability in the short term in 2016, with growth through recapitalisation or assets divestments and profitability hinged or refocused dollar oil export trading business. Oando Energy Resources increased US total production to 20 million barrels of oil equivalent mmboe in 2015 period compared with 9.1 mmboe in 2014. The increase between the annual period was primarily from the acquisition of OMLs 60-63 in H2 2014 as well as the commencement of production from the Qua Iboa field in first quarter 2015”
Oando Gas and Power started 8.5 kilo metre pipeline expansion for the Central Horizon Gas Company (CHGC)
and signs Sales and Purchase Agreement (SPA) to sell the Akute Independent Power Plant (IPP)
Meanwhile Oando Plc turnover for the first quarter result ended March 2016 down by 34 per cent to N64.0 billion compared to N97.1 billion in the preceding year.
