Business
OANDO PLC MAINTAINS TREND OF POSITVE RESULTS …Posted N13.1 billion Profit After Tax in Q3
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Despite the challenges encountered by the leading oil and gas Oando Plc the company has continually put smiles in the face of its shareholders with trend of positive results, as the company just posted its unaudited third-quarter result (Q3) ended September 2019, boosted its profit after tax (PAT) by 26% from N10.4 billion in Q3 2018 to N13.1 billion in Q3 ’19.
While its total borrowing dropped by 8% from N210.9 billion to N193.1 billion, the oil and gas company’s turnover decreased by 18% from N505.1 billion to N413.8 billion within the same period.
Its production grew by 8% to 43,045 boe/day from 40,039 boe/day in year-to-date (YTD) September 2018.The increase in production, according to a statement from the oil and gas company, was driven by an 11% increase in natural gas production and an eight per cent increase in crude oil production.
A statement issued by the oil firm read, “Without a doubt 2019 has been another challenging year for the company, not just in terms of external factors beyond its control but an ongoing conundrum with the regulator.
Despite this, the company’s results show that a management team led by the brilliant and champion extraordinaire, Jubril Adewale Tinubu they worked aggressively to maintain a trend of positive results reflected in higher production and profit after tax.
HIGHLIGHTS
8% Production increase, 43,045boe/day compared to 40,039boe/day (YTD September 2018)
18% Turnover decrease, N413.8 billion compared to N505.1 billion (YTD September 2018)
26% Profit-After-Tax increase, N13.1 billion compared to N10.4 billion (YTD September 2018)
8% Total Group Borrowings decrease, N193.1 billion compared to N210.9 billion (FYE 2018)
In YTD September 2019, Oando Trading traded approximately 9.3 million barrels of crude oil under various contracts with the Nigerian National Petroleum Corporation (NNPC) and delivered 317,649 MT of refined products.
Background: Oando recently announced that the NNPC/NAOC/OANDO Joint Venture (of which Oando Energy Resources, the upstream subsidiary of Oando Plc, holds a 20 per cent working interest), had made a significant gas and condensate find in the deeper sequences of the Obiafu-Obrikom fields in OML 61, onshore Niger Delta.
The preliminary evaluation had indicated that the discovery amounted to about one trillion cubic feet of gas and 60 million barrels of associated condensate in the deep drilled sequences.
“The full impact of this discovery will be determined and communicated to the market on the conclusion of the next annual independent reserves and resources evaluation,” it added.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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