Oando PLC, foremost indigenous energy group, has recorded a turnover of N3.4 trillion and profit after tax (PAT) of N74.7 billion in its unaudited results for the year ended December 31, 2023.

The turnover showed a 71 per cent increase compared to that of the year 2022 of N1.9 trillion. The company also recorded a 50 per cent increase in traded crude oil.

The group also witnessed a marginal increase in production from 20,703 boepd in 2022 to 20,837 boepd in 2023.

Oil production also increased to 6,024bbls/day from 4,939bbls/day in FYE 2022 while there was Natural Gas production decreased from 15,292boe/day in 2022 to 14,572boe/day.

Similarly, there was a 23% reduction in Upstream borrowings: $488.9 million (FYE 2023), vs. US$635.6 million (FYE 2022).

A statement from Oando indicated that the year 2023 saw Oando push forward with its growth agenda, recording positive highlights, including the signing of a Sale & Purchase Agreement (SPA) with Italian oil major, Eni, to acquire one of its local subsidiaries, the Nigeria Agip Oil Company Limited (NAOC).

Speaking on the results, the group chief executive, Oando PLC, Wale Tinubu, said: "Despite the persistent pipeline vandalism across the Niger Delta, which continues to dampen crude production, we achieved a profit after tax of N74.7 billion in 2023 largely driven by increased trading volumes due to our strategic global partnerships and net foreign exchange gains on the group's foreign currency denominated assets as against losses on our foreign currency denominated liabilities.

"Furthermore, our milestone signing of the Sale and Purchase Agreement with Eni towards the acquisition of 100% of the shares of NAOC Ltd, marked a pivotal moment for our organization and is poised to unlock substantial synergies in the near future. Our focus is now on completing the acquisition and seamlessly integrating operations to deliver exceptional value to our shareholders."