Lagos, Nigeria – Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced unaudited results for the twelve months period that ended December 31, 2021.



Upstream: 40% production decrease, 26,775boe/day compared to 44,550boe/day (FYE 2020)

  • Oil production of 8,849bbls/day (vs 15,912bbls/day in FYE 2020)
  • Natural Gas production of 16,227boe/day (vs 26,881boe/day in FYE 2020)
  • NGL production of 1,699bbls/day (vs 1,757bbls/day in FYE 2020)


  • 8% increase in traded crude oil volumes of 17.4 million (vs 16.1 million in FYE 2020) o 39% increase in traded refined petroleum products (962,370 MT compared to 694,653 MT in FYE 2020).


  • 51% Turnover increase, N5 billion compared to N477.1 billion (FYE 2020)
  • Profit-After-Tax of N7 billion compared to Loss-After-Tax of N140.7 billion (FYE 2020)
  • 10% Total Group Borrowings increase, N8 billion compared to N419.6 billion (FYE 2020)

Commenting on the results Wale Tinubu, Group Chief Executive, Oando PLC 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% increase in average realized oil sale price whilst a surge in militancy and sabotage across the Niger Delta resulted in a 40% 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 N34.7 billion.

As we continue to drive the growth of our existing businesses, whilst also exploring creative solutions towards curbing the incessant pipeline sabotage incidents 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 nonfossil energy solutions. We will continue to update our esteemed shareholders as progressive developments are made in the coming year”.

Operations review


Production for the twelve months ended 31 December 2021:

FYE 2021 FYE 2020 % Change
Crude Oil (bbls/day) 8,849 15,912 -44%
NGLs (bbls/day 1,699 1,757 -3%
Natural Gas (boe/day) 16,227 26,881 -40%
Total (boe/day) 26,775 44,550 -40%

During the twelve months ended December 31, 2021, average production was 26,775 boe/day, as compared to 44,550 boe/day in 2020. In 2021, production consisted of 8,849 bbls/day of crude oil, 1,699 boe/day of NGLs and 97,363 mcf/day (16,227 boe/day) of natural gas. Production decreases were 42% at OML 60-63, 23% at OML 56 and 1% decrease at OML 13 respectively. Production decreases were a result of shut-ins for repairs and maintenance and sabotage incidences at the facilities.

During the twelve months to December 31, 2021, the Group incurred $63.4 million on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $83 million in the twelve months to December 31, 2020.

Capital Expenditures in 2021 consisted of $59.2 million at OMLs 60 to 63 incurred on oil and gas properties, $3.3 million at OML 56 and $0.9 million capital expenditure recorded on other assets.


Traded volumes for the twelve months ended 31 December 2021:

Traded Volumes FYE 2021 FYE  2020 % Change
Crude Oil (bbls) 17,445,256 16,081,633 8%
Refined Products (MT) 962,370 694,653 39%

In FYE 2021, Oando Trading sold approximately 17 million barrels of crude oil under various contracts with the Nigerian National Petroleum Corporation (NNPC) and delivered 962,370 MT of refined products.

Finance review

N Million (unless otherwise stated) FYE 2021 FYE 2020 % Change
Revenue 722,447 477,070 51%
Operating Profit 78,691 (74,339) 206%
Profit/(Loss)-After-Tax 34,728 (140,675) 125%
Total Borrowings 460,782 419,630 10%
Average Realized Oil Price (US$/bbl) 70.12 34.21 105%
Average Realized Gas Price (US$/boe) 9.96 7.13 40%
Average Realized NGL Price (US$/boe) 6.98 5.48 27%


Revenue for the period was positively impacted by high product prices, with realized average crude oil price increasing by 105% ($70.12 per barrel compared to $34.21 per barrel in 2020), natural gas by 40% ($9.96/boe compared to $7.13/boe in 2020), and NGL by 27% ($6.98/boe compared to $5.48/boe in 2020). These, in addition to an 8% increase in traded crude oil volumes (17,445,256 bbls compared to 16,081,633 bbls in 2020), and a 39% increase in traded refined products (962,370 MT compared to 694,653 MT in 2020) contributed to an overall increase in revenue of 51% (N722.5 billion compared to N477.1 billion in the same period in 2020). Revenue growth was negatively impacted by a 40% decline in production (26,775 boepd compared to 44,550 boepd in 2020) due to increased sabotage activities.

Operating profit

The Operating Profit of N78.7 billion in 2021 was primarily driven by higher revenue as well as a net reversal of asset impairments totalling N112.1 billion due to the following:

  • Reversal of Impairment of Non-Current Receivables: Following the recovery of a longstanding receivable, impaired in prior years due to uncertainty around its collectability, the impairment provision has now been reversed to the tune of N9 billion.
  • Reversal of Impairment of Trade and Other Receivables: This relates to the reversal of impairment provisions to the tune of N8 billion, made in prior years on a receivable due from a third-party following reduction in said receivables.


The Profit-After-Tax for FYE 2021 of N34.7 billion was driven primarily by a higher operating profit, as well as an increase in Finance Income to N44.1 billion (compared to N9.3 billion in 2020).

Total borrowings

Total Borrowings increased by 10% to N460.8 billion (compared to N419.6 billion in FYE 2020).

Elsewhere on Ventures

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