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Headline : Oando releases delayed 2022 financial results, says on track to clearing backlog

Read more from the original article on here at businessday.ng.




Tags : #oando #releases #delayed #2022 #financial #results #says #track #clearing #backlog


No. of Paragraph 18

Oando, one of Nigeria’s indigenous energy solutions provider, published its Full Year Ended (FYE) December 31, 2022, financial results Monday.

The company said in the release of its FYE 2022 results indicates that it is finally on track to becoming fully compliant with regulatory obligations by publishing all its outstanding results.

In its downstream business, Oando sold approximately 21.8 million barrels of crude oil under various contracts with NNPC Ltd., a 25% increase from FY 2021 at 17,445,255 million barrels of crude oil and delivered 1,937,833 MT of refined products compared to 962,371 MT of refined products in FY 2021, Oando said in a statement Wednesday.

According to the statement, Oando’s average daily oil production in the upstream business decreased by 23% to 20,703boe/day from 26,775 boe/day in 2021. In 2022, the Company’s production consisted of 4,939bbls/day of crude oil as against 8,849bls/day FYE 2021, 472bbls/day of NGLs and 15,292boe/day of natural gas as a result of production downtimes from shut-in due to repairs and persistent sabotage activities.

Read more from the original article on here at businessday.ng.


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