In the downstream operations, an eight per cent increase in traded crude oil volumes of 17.4 million was recorded and a 39 per cent increase in traded refined petroleum products was announced.
Speaking on the results, the Group Chief Executive, of Oando Plc, Wale Tinubu, said, “2021 was defined by contrasting themes for Nigerian oil producers, with buoyant oil prices tempered by an increasingly challenging local operating environment. “Bullish oil prices throughout the year saw us record a 105 per cent increase in average realised oil sale price whilst a surge in militancy and sabotage across the Niger Delta resulted in a 40 per cent decline in average hydrocarbon production compared to 2020.
“Despite the challenges, a strong revenue performance, coupled with the refund of a longstanding receivable contributed to a net profit of N34.7bn.” He added that, “As we continue to drive the growth of our existing businesses, while also exploring creative solutions towards curbing the incessant pipeline sabotage incidences that continue to plague our local industry, we are also committed to investing in climate-friendly and bankable energy solutions via Oando Clean Energy Limited, thus expanding our portfolio from Oil and Gas to include non-fossil energy solutions.”All rights reserved.
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