Despite challenges that ruffled the feathers of the company and uncertainties affecting global oil price across the globe, oil magnate, Jubril Adewale Tinubu is hellbent on proving to the world that he is master in the art of making money and someone that knows the oil and gas business like the back of his hands. 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, has worked aggressively to maintain a trend of positive results reflecting in higher production and profit after tax.
It’s no longer a hidden fact that the Oando Plc boss had always displayed his unrivalled wizardry and Midas touch with his wealth of experience in business. This has helped him weather all disturbing typhoon and has continually put smiles in the face of its shareholders with a trend of positive results, as the company recently posted its unaudited third-quarter result (Q3) which ended September 2019, boosted its profit after tax (PAT) by 26% from N10.4 billion in Q3 2018 to N13.1 billion in Q3 2019. While its total borrowing dropped by 8 per cent from N210.9 billion to N193.1 billion, the oil and gas company’s turnover decreased by 18 per cent 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, it was gathered, was driven by an 11 per cent increase in natural gas production and an eight per cent increase in crude oil production.
A further check revealed that Oando’s joint venture with NNPC and NAOC under the watch of Tinubu had also 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.